Pensonic sinks into red in 2Q, with RM1.2m loss

by **Cals** Fri 24 Jan 2014, 16:29

Business & Markets 2014

Written by Ho Wah Foon of theedgemalaysia.com

Friday, 24 January 2014 13:39

KUALA LUMPUR (Jan 24): Pensonic Holdings Bhd posted a net loss of RM1.16 million for the second quarter ended November 2013, compared to a net profit of RM1.88 in the same quarter in FY2012.

But the home electrical appliances trading company registered higher revenue of RM88.8 million, compared to RM86.1 million reported in the previous year's corresponding quarter.

“The slight improvement in revenue is mainly contributed by overseas sales from Vietnam and Middle-East countries, which show growth of 14%,” said the company in its filing with Bursa Malaysia.

It said lower demand during non-festive season (September to November 2013) had caused local sales to drop by 1%.

Despite the increase in revenue, the group posted a net loss due to higher material input price and lower productivity, higher production cost and lower product margin of the group’s products.

“The loss is also due to general impairment of RM0.6 million made for slow moving inventories and realized exchange loss of RM0.6 million which resulted from a weaker ringgit against US dollar during the quarter.”

In addition, in the previous year's corresponding quarter there was a gain on disposal of investment properties of RM1.2 million.

For the six months ended November 2013, the group's revenue was RM194 million and net profit was at RM2.72 million. In the previous year six months, revenue was RM179.99 million while net profit was RM5.28 million.