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NewsHandal's 4Q net profit up 8% on year
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Handal's 4Q net profit up 8% on year
by Cals Mon 22 Feb 2016, 23:32
Handal's 4Q net profit up 8% on year
By Alex Chong / theedgemarkets.com | February 22, 2016 : 5:03 PM MYTKUALA LUMPUR (Feb 22): Handal Resources Bhd's net profit increased 8% to RM2.87 million in the fourth quarter ended Dec 31, 2015 (4QFY15) from RM2.65 million a year earlier on higher operating income and lower expenses.
In a filing with Bursa Malaysia today, crane manufacturer Handal said revenue, however, fell to RM41.06 million from RM49.89 million in 4QFY14.
"Despite lower revenue generated in the current quarter, the group registered a profit before tax of RM5.41 million as compared to RM5.36 million in the preceding year's corresponding quarter. This is mainly due to higher operating income coupled with improved operating efficiency," Handal said.
Full-year (FY15) net profit dipped to RM5.98 million from RM6.29 million a year earlier. Revenue was lower at RM114.64 million versus RM123.84 million in FY14.
Commenting on its outlook, Handal said its niche expertise and long-term contracts were expected to sustain the company's performance amid a low crude oil price backdrop.
"The market condition is expected to be challenging for the current financial year," Handal said.
At 5pm, Handal shares rose two sen or 7% to close at 31 sen for a market value of RM49.6 million. The stock saw 202,200 shares done.
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