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Hovid 4Q profit soars 103 times on extraordinary gains
by Cals Fri 13 Sep 2013, 16:23
Hovid 4Q profit soars 103 times on extraordinary gains
Business & Markets 2013
Written by Jeffrey Tan of theedgemalaysia.com
Friday, 13 September 2013 14:38
KUALA LUMPUR (Sept 13): HOVID BHD []’s net profit soared 103 times year-on-year to RM6.2 million in the fourth quarter ended June 30, 2013 (4QFY13) from RM60,000.
In a statement, the pharmaceutical product manufacturer said revenue slipped 15% to RM40.6 million from RM47.86 million.
Hovid attributed the significant rise in net profit to non-recurring items totalling RM6.3 million.
As for the revenue dip, Hovid blamed the different sales mix of products.
"The pre-tax profit before taking into account the non-recurring items above decreased by 8% to RM7.9 million from RM8.6 million in the same quarter last year.
"The poorer pre-tax result was mainly due to the lower revenue achieved during the current quarter and the implementation of minimum wages from January 2013," Hovid said.
Cumulatively, the group said FY13 net profit rose 30.9% to RM20.63 million from RM15.76 million a year earlier. Revenue grew 4.7% to RM172.6 million from RM164.8 million.
Hovid said the increase in profit was largely due to non-recurring gains of RM3.8 million and share of an associate company’s loss of RM9.1 million.
Meanwhile, the higher revenue was due to bigger demand for its pharmaceutical products, it said.
Business & Markets 2013
Written by Jeffrey Tan of theedgemalaysia.com
Friday, 13 September 2013 14:38
KUALA LUMPUR (Sept 13): HOVID BHD []’s net profit soared 103 times year-on-year to RM6.2 million in the fourth quarter ended June 30, 2013 (4QFY13) from RM60,000.
In a statement, the pharmaceutical product manufacturer said revenue slipped 15% to RM40.6 million from RM47.86 million.
Hovid attributed the significant rise in net profit to non-recurring items totalling RM6.3 million.
As for the revenue dip, Hovid blamed the different sales mix of products.
"The pre-tax profit before taking into account the non-recurring items above decreased by 8% to RM7.9 million from RM8.6 million in the same quarter last year.
"The poorer pre-tax result was mainly due to the lower revenue achieved during the current quarter and the implementation of minimum wages from January 2013," Hovid said.
Cumulatively, the group said FY13 net profit rose 30.9% to RM20.63 million from RM15.76 million a year earlier. Revenue grew 4.7% to RM172.6 million from RM164.8 million.
Hovid said the increase in profit was largely due to non-recurring gains of RM3.8 million and share of an associate company’s loss of RM9.1 million.
Meanwhile, the higher revenue was due to bigger demand for its pharmaceutical products, it said.
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