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Malayan Flour Mills Q1 profit falls YOY

Malayan Flour Mills Bhd. said its first-quarter normalized net income was 5.0 million ringgits, a decline of 67.7% from 15.5 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 0.9% from 2.7% in the year-earlier period.

Total revenue declined year over year to 556.1 million ringgits from 579.4 million ringgits, and total operating expenses fell from the prior-year period to 536.6 million ringgits from 548.5 million ringgits.

Reported net income decreased 76.7% on an annual basis to 5.4 million ringgits, or 1 sen per share, from 23.1 million ringgits, or 4 sen per share.

As of May 21, US$1 was equivalent to 3.60 ringgits.