KNM posts lower pretax profit for 1Q13

KNM posts lower pretax profit for 1Q13
Business & Markets 2013
Written by Bernama
Thursday, 30 May 2013 18:44


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KUALA LUMPUR, May 30 (Bernama) -- KNM GROUP BHD [] posted a lower pre-tax profit of RM2.94 million in its first quarter ended March 31, 2013 from RM15.96 million in the same period last year.

Revenue declined to RM489.61 million in the quarter from RM585.82 million in the same period of the previous financial year.

In an announcement to Bursa Malaysia today, KNM Group attributed the loss to less jobs recognition and a less deferred tax effect.

Earnings per share for the quarter was also lower at 0.15 sen from 3.58 sen in the same period last year.

"The board is cautiously optimistic of the group's financial performance for the remaining financial year," said the group.

It added that cost efficiency and productivity initiatives would be continuous efforts for the coming quarters and deliverables are expected to be positive.

KNM Group's European segment profitability is expected to continue with its order book brought forward from 2012, while the American segment is expected to remain challenging as industry opportunities in the region requires greater commitments. -- BERNAMA