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NewsChin Well's 1Q15 net profit up 43.9% to RM8.95 mln on higher European sales
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Chin Well's 1Q15 net profit up 43.9% to RM8.95 mln on higher European sales
by Cals Fri 21 Nov 2014, 01:54
Chin Well's 1Q15 net profit up 43.9% to RM8.95 mln on higher European sales
PETALING JAYA (Nov 20): Chin Well Holdings Bhd ([You must be registered and logged in to see this image.] Financial Dashboard)'s net profit rose 43.89% to RM8.95 million in its first financial quarter ended Sept 30, 2014 (1QFY15) from RM6.22 million a year ago on higher exports of fastener products to Europe.
A filing with Bursa Malaysia today showed revenue rose 19.93% to RM127.52 against RM106.33 million in previous year's same quarter.
Chin Well said the its fastener products -- nuts, bolts and screws -- posted a revenue of RM106.43 million, up 21.93% in 1Q15 from a year ago, mainly on higher export sales to Europe.
“In tandem with higher revenue, efficiency achieved from the economy of scale had contributed to the higher profit before tax in this division by 52.99% in the current quarter as compared to the preceding year corresponding quarter,” the report stated.
The company said its wire products division recorded a higher revenue of RM21.09 million in 1Q15 versus RM19.03 million in 1QFY14, on continuos cost control measures.
Chin Well intends to expand its Do-It-Yourself (DIY) retailer distribution network to generate higher margin for the group.
It also expects satisfactory performance and growth in the current financial year.
PETALING JAYA (Nov 20): Chin Well Holdings Bhd ([You must be registered and logged in to see this image.] Financial Dashboard)'s net profit rose 43.89% to RM8.95 million in its first financial quarter ended Sept 30, 2014 (1QFY15) from RM6.22 million a year ago on higher exports of fastener products to Europe.
A filing with Bursa Malaysia today showed revenue rose 19.93% to RM127.52 against RM106.33 million in previous year's same quarter.
Chin Well said the its fastener products -- nuts, bolts and screws -- posted a revenue of RM106.43 million, up 21.93% in 1Q15 from a year ago, mainly on higher export sales to Europe.
“In tandem with higher revenue, efficiency achieved from the economy of scale had contributed to the higher profit before tax in this division by 52.99% in the current quarter as compared to the preceding year corresponding quarter,” the report stated.
The company said its wire products division recorded a higher revenue of RM21.09 million in 1Q15 versus RM19.03 million in 1QFY14, on continuos cost control measures.
Chin Well intends to expand its Do-It-Yourself (DIY) retailer distribution network to generate higher margin for the group.
It also expects satisfactory performance and growth in the current financial year.
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