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Kluang Rubber fiscal Q1 profit falls YOY

Kluang Rubber Co. (Malaya) Bhd. said its normalized net income for the fiscal first quarter ended Sept. 30 was 430,380 ringgits, a decrease of 59.5% from 1.1 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 dropped to 8.2% from 17.5% in the year-earlier period.

Total revenue decreased 13.5% on an annual basis to 5.2 million ringgits from 6.1 million ringgits, and total operating expenses increased 32.2% year over year to 3.5 million ringgits from 2.6 million ringgits.

Reported net income declined 28.9% from the prior-year period to 2.2 million ringgits, or 4 sen per share, from 3.1 million ringgits, or 5 sen per share.

As of Nov. 27, US$1 was equivalent to 3.35 ringgits.