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NewsPadini’s 3Q net profit rises 32%, expects best-ever full-year earnings
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Padini’s 3Q net profit rises 32%, expects best-ever full-year earnings
by Cals Thu 19 May 2016, 23:33
Padini’s 3Q net profit rises 32%, expects best-ever full-year earnings
By Billy Toh / The Edge Financial Daily | May 19, 2016 : 9:58 AM MYTThis article first appeared in The Edge Financial Daily, on May 19, 2016.
KUALA LUMPUR: Padini Holdings Bhd saw its net profit for the third quarter ended March 31, 2016 (3QFY16) rise 32.1% to RM35.13 million, from RM26.59 million a year ago, on the back of expanded revenues and a smaller increase in operating expenses.
It said in its bourse filing the higher profit came about despite gross margins falling 2.8% year-on-year, as the weakening ringgit had driven up the cost of its products. Revenue grew 20.71% to RM342.37 million, from RM283.62 million in 3QFY15.
Its net profit for the nine months ended March 31, 2016 (9MFY16) rose 61.22% to RM100.03 million, from RM62.05 million in 9MFY15; revenue rose 25.97% to RM952.32 million from RM755.96 million.
“With only one more financial quarter to go and considering the bulk of shopping for the Hari Raya festivities will occur in June, the last month of our financial year, we can quite safely predict that the 2016 financial year should see the group earning its highest profits thus far,” it said, without giving any specific profit forecast.
Padini declared a fourth interim dividend of 2.5 sen per share (single-tier) and a special dividend of 1.5 sen per share (single-tier). Both dividends will go ex on June 1, and be payable on June 29.
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