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Hup Seng's 4Q net profit jumps 22% on improved margin
by Cals Fri 19 Feb 2016, 03:35
Hup Seng's 4Q net profit jumps 22% on improved margin
By Tan Siew Mung / theedgemarkets.com | February 18, 2016 : 1:56 PM MYTKUALA LUMPUR (Feb 18): Biscuits and coffee producer Hup Seng Industries Bhd's net profit rose 22.16% to RM15.39 million or 1.92 sen a share for the fourth quarter ended Dec 31, 2015 (4QFY15) from RM12.6 million or 1.57 sen a share a year ago, mainly due to improved sales margin brought about by lower input costs, weaker ringgit and improved efficiency in production.
In a filing with the bourse today, the group said its revenue for 4QFY15 also increased by 8.72% to RM80.07 million versus RM73.65 million in the previous year, as benign growth in demand for biscuits in local and export market mainly contributed to increase in sales volume.
For FY15, the group's net profit surged 43.47% to RM54.73 million or 6.84 sen a share from RM38.15 million or 4.77 sen a share in FY14, while revenue also went up 9.4% at RM286.86 million compared to RM262.22 million last year.
The group said cream crackers continued to be the strong performer in terms of growth for the group during the year. Other than the improved margin, the increase in sales volume also contributed to the improvement in profit for FY15.
Going forward, the group said that it would continue to identify business or investment opportunities for expansion to enhance shareholders' value amid tougher market conditions in 2016.
At noon, Hup Seng shares were unchanged at RM1.26, for a market capitalisation of RM1.01 billion.
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