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Sime Darby profit misses consensus by 67.9% in fiscal Q2

Sime Darby said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, came to 4 Malaysian sen per share, compared with the S&P Capital IQ consensus estimate of 12 sen per share.

EPS declined 42.2% year over year from 7 sen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 239.1 million ringgits, a decline of 40.8% from 404.1 million ringgits in the year-earlier period.

The normalized profit margin fell to 2.1% from 3.8% in the year-earlier period.

Total revenue grew 10.1% year over year to 11.83 billion ringgits from 10.74 billion ringgits, and total operating expenses climbed 13.7% from the prior-year period to 11.31 billion ringgits from 9.94 billion ringgits.

Reported net income declined 46.6% on an annual basis to 273.3 million ringgits, or 4 sen per share, from 511.8 million ringgits, or 8 sen per share.

As of Feb. 24, US$1 was equivalent to 4.24 ringgits.