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NewsLii Hen's 1Q net profit almost doubles, declares 4 sen dividend
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Lii Hen's 1Q net profit almost doubles, declares 4 sen dividend
by Cals Mon 23 May 2016, 00:43
Lii Hen's 1Q net profit almost doubles, declares 4 sen dividend
By Billy Toh / theedgemarkets.com | May 20, 2016 : 8:50 PM MYTKUALA LUMPUR (May 20): Lii Hen Industries Bhd saw its net profit for the first quarter ended March 31 (1QFY16) almost double to RM21.02 million from RM10.74 million in the previous corresponding quarter due to higher revenue and a better US dollar conversion rate.
Revenue rose 47.6% to RM165.39 million from RM112.08 million, the furniture manufacturer said in its Bursa Malaysia filing.
The group said the increase was mainly contributed by the 27% rise in orders of its products and the strengthening of the US dollar against the ringgit.
"The main challenges that the group faced is at the local front where the acceleration of production costs and shortages of workforce will continue to affect the group's financial performance.
"In view of that, the management will continue to focus on the group's core products by diversifying its product range to strengthen the market's position and expand the consumer base and simultaneously to adopt an effective cost management," it added.
Lii Hen has declared a first interim single-tier dividend of 4 sen per share, which will go ex on June 10 and is payable on June 28.
Lii Hen's share price edged up by one sen or 0.4% to RM2.51 today with a market capitalisation of RM451.8 million.
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