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SHH Resources fiscal Q1 profit falls YOY

SHH Resources Holdings Bhd. said its normalized net income for the fiscal first quarter ended Sept. 30 was 444,380 ringgits, a decrease of 59.2% 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 2.0% from 3.9% in the year-earlier period.

Total revenue fell 21.0% on an annual basis to 21.8 million ringgits from 27.6 million ringgits, and total operating expenses declined 18.4% from the prior-year period to 21.0 million ringgits from 25.8 million ringgits.

Reported net income fell 70.8% on an annual basis to 393,000 ringgits, or 1 sen per share, from 1.3 million ringgits, or 3 sen per share.

As of Nov. 25, US$1 was equivalent to 3.35 ringgits.