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Chin Teck Plantations fiscal Q1 profit falls YOY

Chin Teck Plantations Bhd. said its normalized net income for the fiscal first quarter ended Nov. 30, 2015, came to 5 Malaysian sen per share, a decrease of 32.3% from 8 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 4.9 million ringgits, a decrease of 32.3% from 7.2 million ringgits in the year-earlier period.

The normalized profit margin declined to 17.5% from 25.9% in the year-earlier period.

Total revenue totaled 27.8 million ringgits, compared with 27.7 million ringgits in the prior-year period, and total operating expenses rose 9.2% year over year to 21.8 million ringgits from 19.9 million ringgits.

Reported net income fell 43.6% from the prior-year period to 6.0 million ringgits, or 7 sen per share, from 10.6 million ringgits, or 12 sen per share.

As of Jan. 27, US$1 was equivalent to 4.24 ringgits.