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Berjaya Assets fiscal Q2 profit falls YOY

Berjaya Assets Bhd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, was 4.6 million ringgits, a fall of 81.9% from 25.6 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 declined to 2.5% from 24.1% in the year-earlier period.

Total revenue declined 9.3% on an annual basis to 96.2 million ringgits from 106.1 million ringgits, and total operating expenses fell 11.0% year over year to 73.8 million ringgits from 83.0 million ringgits.

Reported net income declined 95.0% year over year to 2.0 million ringgits, or 0 sen per share, from 40.5 million ringgits, or 2 sen per share.

As of Feb. 22, US$1 was equivalent to 4.19 ringgits.