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PLS Plantations swings to loss in fiscal Q2

PLS Plantations Bhd. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to a loss of 1.5 million ringgits, compared with income of 2.9 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 negative 11.3% from 14.7% in the year-earlier period.

Total revenue decreased 34.0% on an annual basis to 12.9 million ringgits from 19.6 million ringgits, and total operating expenses rose on an annual basis to 16.5 million ringgits from 16.0 million ringgits.

Reported net income came to a loss of 2.4 million ringgits, or a loss of 1 sen per share, compared to income of 1.7 million ringgits, or 1 sen per share, in the prior-year period.

As of Nov. 26, US$1 was equivalent to 3.35 ringgits.