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Chin Teck Plantations swings to loss in fiscal Q2

Chin Teck Plantations Bhd. said its normalized net income for the fiscal second quarter ended Feb. 28 came to a loss of 328,750 ringgits, compared with income of 2.3 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 negative 0.9% from 9.5% in the year-earlier period.

Total revenue decreased 21.2% on an annual basis to 19.2 million ringgits from 24.4 million ringgits, and total operating expenses increased 10.1% year over year to 20.0 million ringgits from 18.1 million ringgits.

Reported net income came to a loss of 486,000 ringgits, or a loss of 1 sen per share, compared to income of 1.8 million ringgits, or 2 sen per share, in the year-earlier period.

As of April 29, US$1 was equivalent to 3.55 ringgits.