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Tomypak net profit down 45% on lower revenue
by Cals Sun 16 Nov 2014, 23:55
Tomypak net profit down 45% on lower revenue
Saturday, 15 November 2014PETALING JAYA: Tomypak Holdings Bhd’s net profit for its third quarter ended Sept 30 fell 45% to RM2.23mil from RM4.02mil in the previous corresponding period, while revenue slipped to RM51.57mil from RM58.30mil a year earlier.
Basic earnings per share was 2.04 sen from 3.68 sen previously.
For the nine-month period ended Sept 30, the company’s net profit slipped to RM4.56mil from RM10.99mil in the previous corresponding period, while revenue dropped to RM158.9mil from RM171.1mil a year earlier.
Tomypak attributed the decline in its nine-month earnings to lower sales in local market, coupled with a decline in profit margin due to competition in the export market.
It added that increased cost of production arising from higher energy and labour cost also affected the company’s performance.
Basic earnings per share for the nine-month period was 4.16 sen, down from 10.05 sen in the previous corresponding period.
Despite the weaker earnings, the company said it was optimistic about its prospects.
“The profit after tax for the first nine months is only 41% of the profit after tax of the previous corresponding period. However, the group is confident that the results of the fourth quarter is expected to be better than the current quarter, “ it told Bursa Malaysia yesterday.
Tomypak also declared an interim dividend of one sen per share, which is to be paid on Jan 16, 2015.
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