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Ni Hsin Resources Q2 profit climbs 62.1% YOY

Ni Hsin Resources Bhd. said its normalized net income for the second quarter amounted to 321,250 ringgits, a gain of 62.1% from 198,130 ringgits in the year-earlier period.

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

The normalized profit margin increased to 2.5% from 2.1% in the year-earlier period.

Total revenue grew 35.1% on an annual basis to 12.9 million ringgits from 9.5 million ringgits, and total operating expenses climbed 34.7% on an annual basis to 12.3 million ringgits from 9.2 million ringgits.

Reported net income grew on an annual basis to 371,000 ringgits, or 0 sen per share, from 155,000 ringgits, or 0 sen per share.

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