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MHC Plantations Q2 profit falls YOY

MHC Plantations Bhd. said its normalized net income for the second quarter amounted to 1.2 million ringgits, a decrease of 64.5% from 3.3 million ringgits in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to 1.6% from 3.5% in the year-earlier period.

Total revenue decreased 22.3% on an annual basis to 73.8 million ringgits from 95.0 million ringgits, and total operating expenses decreased 18.3% on an annual basis to 67.1 million ringgits from 82.1 million ringgits.

Reported net income decreased 65.0% year over year to 1.7 million ringgits, or 1 sen per share, from 5.0 million ringgits, or 2 sen per share.

As of July 30, US$1 was equivalent to 3.82 ringgits.