Bernas ekes out 0.5% rise in 2Q profit, revenue falls

Bernas ekes out 0.5% rise in 2Q profit, revenue falls
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Tuesday, 20 August 2013 18:26

KUALA LUMPUR (August 20): PADIBERAS NASIONAL BHD []’s (Bernas) second quarter net profit rose by a marginal 0.5% from a year earlier mainly on lower minority interests. The profit rise had come amid revenue decline on lower rice sales, besides costlier raw material, and higher operating expenses.

Bernas, custodian of the Malaysian rice industry, told the exchange today that net profit rose to RM25.24 million in the second quarter ended June 30, 2013 (2QFY13) from RM25.12 million. Revenue however fell to RM879.9 million from RM937.57 million.

Cumulative first-half net profit declined to RM58.48 million from RM62.7 million a year earlier. Revenue dropped to RM1.77 billion from RM1.83 billion.

"This (revenue decline) was mainly due to lower volume of rice sold," Bernas said.

Looking ahead, Bernas expects world rice supply to increase, hence, lower prices for the commodity. Based on these factors, the firm said its foresees its FY13 performance to be satisfactory.