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China Stationery’s 3Q profit falls 30% yoy

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China Stationery’s 3Q profit falls 30% yoy Empty China Stationery’s 3Q profit falls 30% yoy

Post by Cals Tue 26 Nov 2013, 05:10

China Stationery’s 3Q profit falls 30% yoy
Business & Markets 2013
Written by Ahmad Naqib Idris Adzman Shah of theedgemalaysia.com   
Monday, 25 November 2013 18:54

KUALA LUMPUR (Nov 25): China Stationery Ltd said it recorded a 30% fall in its third quarter net profit to RM50.7 million from RM72.6 million in the previous corresponding quarter.
Revenue for 3QFY13 had also contracted by 3% to RM242.2 million.
Net profit for the nine months to Sept 2013 was at RM172 million, down from RM196 million in the previous corresponding period. 9MFY13 revenue also fell 1% to RM741 million.
According to a press release by China Stationery, the fall in revenue was mainly due to the decrease in non-patented product sales.
“Sales of non-patented products decreased by RMB147.77 million or 13.95% from RMB1.06 billion in 3QFY2012 to RMB911.35 million in 3QFY2013 mainly due to the decrease in sales volume from the company’s filing and storage products and expandable files products in view of the economic slowdown in the European and American market,” said Chan Fung, executive chairman of China Stationery.
However, the group remains optimistic on the potential growth of its patented products segment as it said industry studies have estimated a compounded growth rate of 5.3% for the global plastic stationery market for the period of 2011 to 2014.
“Going forward, China Stationery expects its growth to continue to be underpinned by its patented and non-patented products segment,” said Chan Fung.
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