Borneo Oil Bhd. said its normalized net income for the fiscal second quarter ended July 31 amounted to 1.5 million ringgits, a decline of 44.8% from 2.8 million 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 dropped to 7.9% from 17.2% in the year-earlier period.
Total revenue grew 20.4% on an annual basis to 19.3 million ringgits from 16.1 million ringgits, and total operating expenses rose 44.6% from the prior-year period to 16.7 million ringgits from 11.5 million ringgits.
Reported net income decreased 44.4% from the prior-year period to 2.4 million ringgits, or 1 sen per share, from 4.4 million ringgits, or 1 sen per share.
As of Sept. 30, US$1 was equivalent to 3.28 ringgits.
