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Spring Gallery fiscal Q2 profit falls YOY

Spring Gallery Bhd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, was 824,380 ringgits, a decrease of 36.2% from 1.3 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 7.9% from 16.6% in the year-earlier period.

Total revenue grew 34.2% year over year to 10.4 million ringgits from 7.8 million ringgits, and total operating expenses increased 42.5% on an annual basis to 9.0 million ringgits from 6.3 million ringgits.

Reported net income declined 60.4% from the prior-year period to 819,000 ringgits, or 1 sen per share, from 2.1 million ringgits, or 2 sen per share.

As of Feb. 29, US$1 was equivalent to 4.21 ringgits.