Muda Holdings’ 3Q profit doubles that of 3Q2012

by **Cals** Tue 26 Nov 2013, 05:11

Business & Markets 2013

Written by Ahmad Naqib Idris Adzman Shah of theedgemalaysia.com

Monday, 25 November 2013 18:23

KUALA LUMPUR (Nov 25): Muda Holdings Bhd’s net profit for the third quarter increased by 103% year on year to RM6 million.

Revenue for 3QFY13 was relatively at RM248 million, compared with RM245 million in 3QFY12.

In the nine months to Sept 2013, net profit rose to RM33 million as compared to RM10 million in the previous corresponding period. Cumulatively, revenue fell 3% to RM755 million in 9MFY13 from RM778 million in 9MFY12.

“Revenue for the period under review declined by 3% to RM755.23 million compared to RM778.25 million reported in the corresponding period in 2012 as revenue of KL Resources Pte Ltd was not consolidated by the Group after its disposal in May 2013,” said the group in its filing to the exchange.

This non-consolidation of revenue from KL Resources had affected the revenue for the group’s trading division, resulting in a 19% fall year on year.

In the group’s manufacturing division, revenue improved by 5% to RM659 million, from RM625 million in the previous corresponding period.

“The increase is attributable to higher demand for the group’s products and inclusion of revenue from a new subsidiary company, KF Paper Products (Melaka) Sdn Bhd in the quarter,” said the group.

The group is optimistic of its outlook for the remainder of its financial year.

“Based on the improved economic conditions in Europe and buoyant demand for manufactures goods from Malaysia, the board is confident that the group will remain profitable for the remaining period of the year,” said Muda Holdings.