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Lii Hen’s 1H net profit rises 66% to RM14.7 mil

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Lii Hen’s 1H net profit rises 66% to RM14.7 mil Empty Lii Hen’s 1H net profit rises 66% to RM14.7 mil

Post by Cals Tue 26 Aug 2014, 09:33

Lii Hen’s 1H net profit rises 66% to RM14.7 mil
Business & Markets 2014
Written by Adrian Wong of theedgemalaysia.com   
Monday, 25 August 2014 15:33

KUALA LUMPUR: Furniture maker Lii Hen Industries Bhd saw its net profit more than double to RM6.45 million or 10.75 sen per share for the second quarter ended June 30, 2014, from RM2.6 million in 2Q13.

Revenue rose by 40.4% to RM97.9 million in 2Q14 from RM69.7 million in 2Q13, due to higher sales of bedding products and also the appreciation of the US dollar, said the company in a filing to Bursa Malaysia. The US market contributes up to nearly 80% of its company's revenues, according to the notes accompanying its financial results.

Lii Hen also noted that a fire incident in early April wiped out RM3.6 million worth of stock and fixed assets, which was compensated by an insurance claim of RM6.2 million.

For the cumulative six months results ended June 30, 2014, the company’s net profit rose 66.1% to RM14.71 million while revenue increased 26.5% to RM193.2 million.

In a separate filing to the exchange, Lii Hen also declared a second interim dividend of 3.5 sen per share, making the total interim dividend at 7.5 sen.
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