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MHC Plantations Q2 profit falls YOY

MHC Plantations Bhd. said its normalized net income for the second quarter was 1.1 million ringgits, a decrease of 7.9% from 1.2 million ringgits in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to 1.5% from 1.6% in the year-earlier period.

Total revenue came to 74.0 million ringgits, compared with 73.8 million ringgits in the prior-year period, and total operating expenses fell year over year to 65.1 million ringgits from 67.1 million ringgits.

Reported net income rose 11.6% year over year to 1.9 million ringgits, or 1 sen per share, from 1.7 million ringgits, or 1 sen per share.

As of July 28, US$1 was equivalent to 4.06 ringgits.