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Hap Seng Plantations Q3 profit climbs 88.9% YOY

Hap Seng Plantations Holdings Bhd. said its third-quarter normalized net income came to 4 Malaysian sen per share, an increase of 88.9% from 2 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 35.6 million ringgits, a gain of 88.9% from 18.8 million ringgits in the prior-year period.

The normalized profit margin increased to 22.2% from 18.3% in the year-earlier period.

Total revenue climbed 55.8% year over year to 160.2 million ringgits from 102.8 million ringgits, and total operating expenses grew 42.1% from the prior-year period to 103.3 million ringgits from 72.7 million ringgits.

Reported net income grew 97.5% year over year to 42.7 million ringgits, or 5 sen per share, from 21.6 million ringgits, or 3 sen per share.

As of Nov. 23, US$1 was equivalent to 4.44 ringgits.