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Oriental Holdings Q2 profit falls YOY

Oriental Holdings Berhad said its normalized net income for the second quarter amounted to 3 Malaysian sen per share, a decline of 55.1% from 8 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 21.2 million ringgits, a decrease of 55.1% from 47.2 million ringgits in the prior-year period.

The normalized profit margin dropped to 2.0% from 4.5% in the year-earlier period.

Total revenue increased on an annual basis to 1.08 billion ringgits from 1.05 billion ringgits, and total operating expenses grew 15.0% year over year to 1.14 billion ringgits from 989.4 million ringgits.

Reported net income came to a loss of 12.6 million ringgits, or a loss of 2 sen per share, compared to income of 59.1 million ringgits, or 10 sen per share, in the year-earlier period.

As of Aug. 23, US$1 was equivalent to 4.02 ringgits.