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IOI Corp. Bhd. profit misses consensus by 57.1% in fiscal Q1

IOI Corp. Berhad said its normalized net income for the fiscal first quarter ended Sept. 30 came to 3 Malaysian sen per share, compared with the S&P Capital IQ consensus estimate of 6 sen per share.

EPS fell 6.3% year over year from 3 sen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 163.8 million ringgits, a decrease of 6.8% from 175.7 million ringgits in the prior-year period.

The normalized profit margin increased to 5.5% from 5.4% in the year-earlier period.

Total revenue fell 6.8% year over year to 3.02 billion ringgits from 3.24 billion ringgits, and total operating expenses fell 7.4% on an annual basis to 2.71 billion ringgits from 2.92 billion ringgits.

Reported net income decreased from the prior-year period to 176.5 million ringgits, or 3 sen per share, from 181.9 million ringgits, or 3 sen per share.

As of Nov. 17, US$1 was equivalent to 3.35 ringgits.