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Hai-O Enterprise fiscal Q1 profit falls YOY

Hai-O Enterprise Bhd. said its normalized net income for the fiscal first quarter ended July 31 amounted to 2 Malaysian sen per share, a decrease of 29.0% from 3 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 5.3 million ringgits, a decline of 29.3% from 7.4 million ringgits in the year-earlier period.

The normalized profit margin dropped to 10.6% from 13.6% in the year-earlier period.

Total revenue decreased 9.0% on an annual basis to 49.8 million ringgits from 54.7 million ringgits, and total operating expenses fell from the prior-year period to 41.6 million ringgits from 43.1 million ringgits.

Reported net income decreased 29.2% from the prior-year period to 6.2 million ringgits, or 2 sen per share, from 8.8 million ringgits, or 3 sen per share.

As of Sept. 24, US$1 was equivalent to 3.24 ringgits.