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MBM Resources Q2 profit falls YOY

MBM Resources Bhd. said its normalized net income for the second quarter came to 5 Malaysian sen per share, a decline of 8.7% from 5 sen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 17.9 million ringgits, a decrease of 8.7% from 19.6 million ringgits in the year-earlier period.

The normalized profit margin increased to 4.8% from 4.0% in the year-earlier period.

Total revenue declined 23.9% on an annual basis to 374.4 million ringgits from 492.2 million ringgits, and total operating expenses fell 23.0% on an annual basis to 384.2 million ringgits from 499.3 million ringgits.

Reported net income declined 6.4% on an annual basis to 29.2 million ringgits, or 7 sen per share, from 31.2 million ringgits, or 8 sen per share.

As of Aug. 19, US$1 was equivalent to 4.10 ringgits.