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Sime Darby profit misses consensus by 41.0% in fiscal Q3

Sime Darby said its normalized net income for the fiscal third quarter ended March 31 amounted to 5 Malaysian sen per share, compared with the S&P Capital IQ consensus estimate of 9 sen per share.

EPS decreased 43.6% year over year from 9 sen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 329.6 million ringgits, a decline of 42.3% from 570.8 million ringgits in the prior-year period.

The normalized profit margin dropped to 3.5% from 5.7% in the year-earlier period.

Total revenue declined year over year to 10.00 billion ringgits from 10.10 billion ringgits, and total operating expenses came to 9.20 billion ringgits, compared with 9.15 billion ringgits in the year-earlier period.

Reported net income decreased 53.0% year over year to 385.9 million ringgits, or 6 sen per share, from 821.9 million ringgits, or 14 sen per share.

As of May 22, US$1 was equivalent to 3.60 ringgits.