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NewsHai-O pre-tax profit falls to RM41m
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Hai-O pre-tax profit falls to RM41m
by hlk Thu 23 Jun 2011, 21:28
Hai-O Enterprise Bhd's pre-tax profit for financial year ended Apr 30, 2011 fell to RM41.38 million from RM95.62 million in the same period last year.
Revenue dropped to RM223.15 million from RM511.06 million previously.
In a filing to Bursa Malaysia today, Hai-O said this was mainly due to lower contribution from its principal subsidiary, the multi-level marketing (MLM) division.
"The division faced a struggling year to realign its business strategies and restructure its distributor's network, which is now beginning to see positive results," it said.
Hai-O said the retail division, however, registered a higher revenue and pre-tax profit as compared to last year.
On prospects, it said with various measures taken to improve productivity and focus on its core business, the group would continue to be profitable in the next financial year. -- Bernama
Revenue dropped to RM223.15 million from RM511.06 million previously.
In a filing to Bursa Malaysia today, Hai-O said this was mainly due to lower contribution from its principal subsidiary, the multi-level marketing (MLM) division.
"The division faced a struggling year to realign its business strategies and restructure its distributor's network, which is now beginning to see positive results," it said.
Hai-O said the retail division, however, registered a higher revenue and pre-tax profit as compared to last year.
On prospects, it said with various measures taken to improve productivity and focus on its core business, the group would continue to be profitable in the next financial year. -- Bernama
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