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Borneo Aqua Harvest swings to profit in fiscal Q2

Borneo Aqua Harvest Berhad said its normalized net income for the fiscal second quarter ended Sept. 30 came to 1.1 million ringgits, compared with a loss of 1.2 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 increased to 27.2% from negative 32.6% in the year-earlier period.

Total revenue rose 11.5% on an annual basis to 4.1 million ringgits from 3.7 million ringgits, and total operating expenses fell 61.9% year over year to 2.0 million ringgits from 5.4 million ringgits.

Reported net income totaled 1.8 million ringgits, or 0 sen per share, compared to a loss of 1.9 million ringgits, or a loss of 0 sen per share, in the year-earlier period.

As of Nov. 20, US$1 was equivalent to 4.27 ringgits.