Chin Well implements 40 pct dividend policy, Q1 earnings up 47.9 pct

by **Cals** Thu 21 Nov 2013, 22:41

Business & Markets 2013

Written by Bernama

Thursday, 21 November 2013 19:52

KUALA LUMPUR (Nov 21): Chin Well Holdings Bhd, Malaysia’s largest carbon steel fastener manufacturer, has implemented a dividend policy of minimum 40 per cent payout of group net profit to shareholders, effective current financial year ending June 30, 2014.

The Group recorded a 47.9 per cent increase in net profit to RM6.2 million, for the first quarter ended Sept 30, 2014, from RM4.2 million a year ago, on improved average selling prices.

Revenue for the period fell 7.5 per cent to RM106.3 million, dragged by lower global demand and stiff competition.

“The implementation indicates not only the Group’s natural progression as a listed company, to attract long-term institutional investors, but also our optimism to sustain Chin Well’s leading position in the fastener industry, going forward.

“The dividend policy is premised upon the continued strengthening of the group's financial position in recent years, as well as on expectation that the future internally-generated funds will be able to undertake the Group’s capital expenditure requirements,” Managing Director Sunny Tsai Yung Chuan said, in a statement today.

For the 2013 financial year, Chin Well paid a total tax exempt dividend of 3.0 sen per share, totalling RM8.2 million, representing 36.9 per cent of its net profit of RM22.1 million.

by **Cals** Thu 21 Nov 2013, 22:42

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Chin Well implements 40 pct dividend policy, Q1 earnings up 47.9 pct

Chin Well implements 40 pct dividend policy, Q1 earnings up 47.9 pct

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