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Choo Bee doubles 2Q net profit
by Cals Fri 23 Aug 2013, 19:03
Choo Bee doubles 2Q net profit
Business & Markets 2013
Written by Jeffrey Tan of theedgemalaysia.com
Friday, 23 August 2013 18:33
KUALA LUMPUR (Aug 23): Choo Bee Metal Industries Berhad has more than doubled its net profit year-on-year (y-o-y) to RM5.2 million for the second quarter ended June 30, 2013, from RM2.4 million.
In a statement to Bursa Malaysia, the group attributed higher net profit to lower raw materials cost resulting from incentives and rebates received on quantity purchases, thus improving profit margins.
But the group’s 2Q revenue fell 4.6% or RM5.9 million to RM121.3 million from RM127.2 million a year earlier.
Choo Bee blamed a weaker demand in the manufacturing segment and lower selling prices, which brought a decline in the group's revenue.
Cumulatively, 1H FY13 net profit y-o-y registered RM13.2 million from RM5.9 million.
On the other hand, 1H FY13 revenue stood at RM231.1 million versus RM237.1 million a year earlier, indicating a fall of RM6 million.
The improved 1H profit was mainly attributed to the manufacturing segment recording lower raw materials cost, which cushioned the effects of the lower selling prices.
Looking ahead, the group foresees challenges in the form of slipping global steel prices (Q2 onwards), higher import prices and the uncertainty associated with the impending SIRIM policy on material testing.
Despite so, the group said it will continue improving competitiveness and performance through higher productivity and operational efficiency.
Business & Markets 2013
Written by Jeffrey Tan of theedgemalaysia.com
Friday, 23 August 2013 18:33
KUALA LUMPUR (Aug 23): Choo Bee Metal Industries Berhad has more than doubled its net profit year-on-year (y-o-y) to RM5.2 million for the second quarter ended June 30, 2013, from RM2.4 million.
In a statement to Bursa Malaysia, the group attributed higher net profit to lower raw materials cost resulting from incentives and rebates received on quantity purchases, thus improving profit margins.
But the group’s 2Q revenue fell 4.6% or RM5.9 million to RM121.3 million from RM127.2 million a year earlier.
Choo Bee blamed a weaker demand in the manufacturing segment and lower selling prices, which brought a decline in the group's revenue.
Cumulatively, 1H FY13 net profit y-o-y registered RM13.2 million from RM5.9 million.
On the other hand, 1H FY13 revenue stood at RM231.1 million versus RM237.1 million a year earlier, indicating a fall of RM6 million.
The improved 1H profit was mainly attributed to the manufacturing segment recording lower raw materials cost, which cushioned the effects of the lower selling prices.
Looking ahead, the group foresees challenges in the form of slipping global steel prices (Q2 onwards), higher import prices and the uncertainty associated with the impending SIRIM policy on material testing.
Despite so, the group said it will continue improving competitiveness and performance through higher productivity and operational efficiency.
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