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United Plantations Q1 profit falls YOY

United Plantations Bhd. said its first-quarter normalized net income came to 24 Malaysian sen per share, a decrease of 25.3% from 33 sen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 50.9 million ringgits, a decrease of 25.3% from 68.1 million ringgits in the prior-year period.

The normalized profit margin dropped to 21.8% from 26.1% in the year-earlier period.

Total revenue decreased 10.4% year over year to 233.9 million ringgits from 261.0 million ringgits, and total operating expenses decreased from the prior-year period to 156.3 million ringgits from 158.1 million ringgits.

Reported net income fell 30.3% on an annual basis to 61.1 million ringgits, or 29 sen per share, from 87.7 million ringgits, or 42 sen per share.

As of April 27, US$1 was equivalent to 3.55 ringgits.