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Astino 2Q profit plunges 50.7% y-o-y to RM4.6m

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Astino 2Q profit plunges 50.7% y-o-y to RM4.6m Empty Astino 2Q profit plunges 50.7% y-o-y to RM4.6m

Post by Cals Thu 27 Mar 2014, 18:37

Astino 2Q profit plunges 50.7% y-o-y to RM4.6m
Business & Markets 2014
Written by Jeffrey Tan of theedgemalaysia.com   
Thursday, 27 March 2014 17:50

KUALA LUMPUR (Mar 27): Astino Bhd’s net profit plunged 50.7% year-on-year (y-o-y) to RM4.6 million in the second quarter ended Jan 31, 2014, from RM9.3 million.

Revenue also fell 18.6% y-o-y to RM116.7 million from RM143.4 million.

In a statement to Bursa Malaysia, the manufacturer of PVC doors and metal roof sheeting said the significantly lower profit was mainly due to decreases in sales and profit margin.

The decrease in group turnover for the current quarter was mainly due to lower overseas demand of its products, Astino said.

For the half-year period, net profit stood at RM10.7 million versus RM16.6 million in the previous corresponding period, while revenue recorded RM237.0 million versus RM263.3 million.

“The group will continue to explore the possibility of producing new metal building material products to penetrate new markets locally and overseas,” said Astino, other than to provide better service to customers.
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