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GAB posts lower earnings in Q1
by Cals Mon 11 Nov 2013, 00:18
Published: Saturday November 9, 2013 MYT 12:00:00 AM
Updated: Saturday November 9, 2013 MYT 6:35:22 AM
GAB posts lower earnings in Q1
PETALING JAYA: Guinness Anchor Bhd (GAB) has reported a lower net profit of RM49.6mil for its first quarter ended Sept 30, down 12.7% from RM56.8mil recorded in the same quarter a year ago.
Revenue was 16.9% lower at RM325.8mil from RM392.2mil previously.
The company said the weaker performance was mainly due to a planned reduction in distributor stocks and softer consumer spending amidst economic uncertainity.
“We continue to operate in a challenging environment. The market is soft as consumer demand has been dampened by the rise of fuel prices and inflation rate over the past quarter,” managing director Hans Essaadi said in a statement.
He said the net profit was lower due to increased commercial investment, but was partially mitigated by better cost management through favourable product mix.
“Moving forward, we will continue to invest in great marketing initiatives such asHeineken Thirst next month. Consumers can also expect exciting new offerings in the near future. Expanding our iconic portfolio means that we can further widen our reach to the different segments of the beer market,” he said.
Updated: Saturday November 9, 2013 MYT 6:35:22 AM
GAB posts lower earnings in Q1
PETALING JAYA: Guinness Anchor Bhd (GAB) has reported a lower net profit of RM49.6mil for its first quarter ended Sept 30, down 12.7% from RM56.8mil recorded in the same quarter a year ago.
Revenue was 16.9% lower at RM325.8mil from RM392.2mil previously.
The company said the weaker performance was mainly due to a planned reduction in distributor stocks and softer consumer spending amidst economic uncertainity.
“We continue to operate in a challenging environment. The market is soft as consumer demand has been dampened by the rise of fuel prices and inflation rate over the past quarter,” managing director Hans Essaadi said in a statement.
He said the net profit was lower due to increased commercial investment, but was partially mitigated by better cost management through favourable product mix.
“Moving forward, we will continue to invest in great marketing initiatives such asHeineken Thirst next month. Consumers can also expect exciting new offerings in the near future. Expanding our iconic portfolio means that we can further widen our reach to the different segments of the beer market,” he said.
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