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Supermax 2Q net profit falls 24.5%, affected by plant fire

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Supermax 2Q net profit falls 24.5%, affected by plant fire Empty Supermax 2Q net profit falls 24.5%, affected by plant fire

Post by Cals Tue 26 Aug 2014, 23:30

Supermax 2Q net profit falls 24.5%, affected by plant fire
Business & Markets 2014
Written by Levina Lim of theedgemalaysia.com   
Tuesday, 26 August 2014 19:03

KUALA LUMPUR: Supermax Corp Bhd reported a 24.5% drop in net profit to RM26.8 million for the second quarter ended June 30, 2014 (2QFY14), as its performance was affected by the fire at its Alor Gajah plant, which affected production output.

Revenue for the quarter stood at RM238.1 million, 27.8% lower than RM330 million in 2QFY13.

According to Supermax, the fire at the end of 2013 had caused a temporary loss of production output that was only fully resolved, in stages, towards the end of the second quarter of this year.

“The current quarter also saw average selling prices declining by between 5% and 20% across the group’s range of products in tandem with lower latex raw material prices,” said Supermax in its financial results filing with Bursa Malaysia today.

“Nevertheless, we expect to see production levels return to more normalised levels from 3Q onwards, notwithstanding the continuation of the automation programme, while 4Q onwards should benefit from the commissioning of new lines at the new plants in Meru, Klang,” it added.

For the first half ended FY14, the group’s net profit came in 21.4% lower at RM53.4 million from RM67.9 million a year ago. Meanwhile, revenue was also 27.7% lower at RM470.4 million.

Supermax closed 1 sen lower at RM2.24 today.
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