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Genting Plantations profit misses consensus by 17.4% in Q1

Genting Plantations Bhd. said its normalized net income for the first quarter came to 6 Malaysian sen per share, compared with the S&P Capital IQ consensus estimate of 7 sen per share.

EPS decreased 47.0% year over year from 11 sen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 46.3 million ringgits, a decline of 46.8% from 87.0 million ringgits in the year-earlier period.

The normalized profit margin declined to 14.3% from 26.1% in the year-earlier period.

Total revenue fell on an annual basis to 324.4 million ringgits from 332.9 million ringgits, and total operating expenses increased 35.7% from the prior-year period to 258.7 million ringgits from 190.6 million ringgits.

Reported net income fell 47.9% year over year to 52.7 million ringgits, or 7 sen per share, from 101.1 million ringgits, or 13 sen per share.

As of May 27, US$1 was equivalent to 3.65 ringgits.