Riverstone Holdings' net profit falls by 29.6 YoY in H1

Despite this, group revenue increased 0.1% YoY to $150m.

Riverstone Holdings Limited's net profit fell 29.6% year on year (YoY) to $30m (RM101.8m) during the first half of the year.

The group attributed the fall to its other income declining by 23.6% YoY to $3.4m (RM11.4m) due to lower interest income from fixed deposits.

Accordingly, gross profit declined 24.8% YoY to $44m (RM147.9m) due to US dollar depreciation against Malaysian ringgit and market demand dynamics.

Despite this, group revenue increased 0.1% YoY to $150m (RM497.1m), driven by higher sales volume.

The board recommended an interim dividend of 6.87 sen per ordinary share.

($0.30=RM3.29)