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NewsSignature's 3Q net profit falls 62.6% on lower project revenue contribution
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Signature's 3Q net profit falls 62.6% on lower project revenue contribution
by Cals Tue 17 May 2016, 02:13
Signature's 3Q net profit falls 62.6% on lower project revenue contribution
By Billy Toh / theedgemarkets.com | May 16, 2016 : 9:05 PM MYTKUALA LUMPUR (May 16): Signature International Bhd saw its third quarter ended March 31, 2016 (3QFY16) net profit fall 62.6% to RM5.01 million or 4.2 sen a share, from RM13.39 million or 11.2 sen a share a year ago, mainly due to lower project revenue contribution from the kitchen and wardrobe, and glass and aluminium segments.
Revenue for 3QFY16 also declined 37.5% to RM54.69 million from RM87.55 million in 3QFY15.
For the cumulative nine months (9MFY16), the group's net profit dropped 51.8% to RM15.55 million or 13 sen a share from RM32.25 million or 26.9 sen a share in 9MFY15.
Revenue dropped 29.1% to RM154.54 million in 9MFY16 from RM217.97 million in 9MFY15.
In a filing with Bursa Malaysia today, Signature said apart from lower project revenue contribution from its two segments, the decrease in profit and revenue was also due to the impact of the weakening ringgit against the US dollar, which resulted in higher import costs.
On the group's prospects, Signature expects to continue its growth in all business segments locally and internationally.
"Barring any unforeseen circumstances, the board is confident it will continue to deliver satisfactory performance in this coming financial year and is ready to maintain its dominance in the kitchen cabinet industry," it said.
"With continuous effort to replenish existing book order, the group is expected to achieve satisfactory performance from its project division, which has been the strong pillar of growth for the group," it added.
In a separate filing today, Signature said it has received a compensation sum of RM79.95 million from the Selangor state government following the compulsory acquisition of land measuring 13,506 sq m in Sungai Buloh to build the Damansara-Shah Alam Elevated Expressway.
Signature shares closed two sen or 1.94% higher at RM1.05 today, bringing a market capitalisation of RM248.37 million.
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