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Guan Chong 1Q profit falls 68% y-o-y

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Guan Chong 1Q profit falls 68% y-o-y Empty Guan Chong 1Q profit falls 68% y-o-y

Post by Cals Tue 20 May 2014, 00:08

Guan Chong 1Q profit falls 68% y-o-y
Business & Markets 2014
Written by Chong Jin Hun of theedgemalaysia.com   
Monday, 19 May 2014 17:40

KUALA LUMPUR (May 19): Cocoa processor Guan Chong Bhd's net profit fell 68% to RM5.3 million in the first quarter ended March 31, 2014 from RM16.5 million a year earlier.

In a statement today, Guan Chong Bhd said revenue, however, rose to RM479.6 million from RM364.3 million.

"Against 1Q13 net profit of RM16.5 million, net profit for 1Q14 was 68% lower, mainly due to the higher selling prices of cocoa solids previously before the prices slumped in mid-2013.

"In addition, inventory write-down and higher interest expenses also contributed to the decreased net profit compared to the previous corresponding quarter. Basic earnings per share (EPS) stood at 1.11 sen versus 3.47 sen in 1Q13," Guan Chong said.
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