YHS’ 2Q net profit up 27-fold

Tags: Foreign exchange rates | Indonesia | Second quarter | YHS

Written by Loong Tse Min

Friday, 31 July 2009 10:54

PETALING JAYA: Drinks and food products maker YEO HIAP SENG (M) BHD [] (YHS) posted a 27-fold jump in net profit to RM2.1 million in its second quarter (2Q) ended June 30 from RM79,000 a year earlier, mainly due to higher sales in all sectors, festive sales in Indonesia and favourable foreign exchange rates.

Revenue rose 10% to RM142.25 million from RM129.33 million due to higher turnover in all sectors, including export sales. Earnings per share rose to 1.4 sen from 0.05 sen.

It declared an interim dividend of three sen per share less tax, totalling RM3.44 million.

Cumulatively, for the six months to June 30, YHS posted a net loss of RM6.59 million versus a net profit of RM1.3 million a year earlier, mainly due to the impairment of an investment recognised in 1Q.

Revenue fell 3.5% to RM271.09 million from RM280.8 million.

In its 1Q, YHS had written down RM7.81 million in an investment in quoted securities. Coupled with lower sales and competitive pricing, the company had posted a quarterly pre-tax loss of RM8.91 million.

YHS said the economic situation had improved but competition continued to be severe with aggressive pricing. “The company will continue to take necessary measures to protect its market share,” it said.

This article appeared in The Edge Financial Daily, July 31, 2009.

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