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Hup Seng Industries Q2 profit climbs 47.4% YOY

Hup Seng Industries Bhd. said its normalized net income for the second quarter came to 2 Malaysian sen per share, an increase of 47.3% from 1 sen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 12.2 million ringgits, a gain of 47.4% from 8.3 million ringgits in the prior-year period.

The normalized profit margin climbed to 17.2% from 12.2% in the year-earlier period.

Total revenue grew year over year to 71.2 million ringgits from 68.3 million ringgits, and total operating expenses fell 6.0% from the prior-year period to 51.7 million ringgits from 55.0 million ringgits.

Reported net income grew 49.4% from the prior-year period to 14.6 million ringgits, or 2 sen per share, from 9.7 million ringgits, or 1 sen per share.

As of Aug. 18, US$1 was equivalent to 4.07 ringgits.