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NewsKarex's 1Q net profit soars 74% on forex gain
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Karex's 1Q net profit soars 74% on forex gain
by Cals Tue 01 Dec 2015, 00:38
Karex's 1Q net profit soars 74% on forex gain
By [size=13]Ahmad Naqib Idris / theedgemarkets.com | November 30, 2015 : 6:56 PM MYT[/size]
KUALA LUMPUR (Nov 30): Karex Bhd ([You must be registered and logged in to see this image.] Valuation: N/A, Fundamental: N/A)'s net profit soared 74% year-on-year to RM22.29 million or 3.34 sen per share for the first quarter ended Sept 30, 2015 (1QFY16), from RM12.83 million or 2.11 sen per share, mainly due to a gain in foreign exchange (forex), higher margin products and lower raw material prices.
The group registered a forex gain of RM12.13 million for 1QFY16, versus the RM699,000 recorded in 1QFY15, its filing to Bursa Malaysia today showed.
Revenue for the quarter rose 8% to RM76.09 million from RM70.13 million a year earlier, which it attributed to higher volume from its condom commercial sales segment.
For the remainder of its financial year, Karex said it is optimistic about its performance, driven by the continuous demand for its products.
Karex closed 13 sen or 3.4% higher at RM3.93 today, bringing its market capitalisation to RM2.54 billion.
(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
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