Update Malayan Flour Mills' 3Q profit soars 113% to RM25m

by **Cals** Wed 20 Nov 2013, 18:35

Update Malayan Flour Mills' 3Q profit soars 113% to RM25m

Business & Markets 2013

Written by Jeffrey Tan of theedgemalaysia.com

Wednesday, 20 November 2013 17:51

KUALA LUMPUR (Nov 20): Malayan Flour Mills Bhd’s net profit soared 113% year-on-year (y-o-y) to RM25 million in the third quarter ended Sept 30, 2013, from RM12 million a year ago.

Revenue also hiked 13% y-o-y to RM607 million from RM539 million.

In a statement to Bursa Malaysia, the firm said it declared a gross second interim dividend of 6 sen per ordinary share, less tax at 25% for the financial year ending Dec 31, 2013.

Malayan Flour Mills said the significant larger profit was mainly due to the improved profit margins in its poultry integration segment.

It attributed the higher revenue to higher sales from both flour and trading in grains segment and poultry integration segment.

For the nine-month period, the firm’s profit posted RM44 million from RM15 million a year earlier, while revenue raked in RM1.673 billion versus RM1.507 billion in the previous corresponding quarter.

Malayan Flour Mills said the bigger profit was mainly due to improved profit margins from all its segments.

It said the better revenue was mainly due to higher sales volume and selling prices from poultry integration segment and flour segment.

“Looking forward, the commodity prices, ocean freight and foreign exchange rates remain volatile in the midst of the current uncertain global economic environment,” said Malayan Flour Mills.

“The Board remains optimistic of the group’s performance for the remaining part of this year, despite the very competitive market environment and the uncertainties mentioned above.”