Tuesday, February 8, 2011

Oriental Interest in the red with RM883,000 losses in 2Q

KUALA LUMPUR: ORIENTAL INTEREST BHD [] (OIB) swung into the red with losses of RM833,000 in the second quarter ended Dec 31, 2010 due to the weaker performance of its manufacturing division, when compared to net profit of RM832,000 a year ago.

OIB said on Tuesday, Feb 8 revenue rose nearly 5% to RM19.91 million compared with RM19.02 million a year ago. Loss per share was 0.98 sen compared with earnings per share of 0.92 sen.

'For the quarter under review, although revenue rose by 5%, the group's pre-tax profit (at RM81,000) reduced by 95% compared with the previous corresponding quarter(from RM1.64 million), mainly due to declining sales, high materials cost and adverse foreign exchange movement experienced by manufacturing division, while property activities remained closely intact,' it said.

OIB said the group's pre-tax profit was lower by 96% compared to preceding quarter's RM2.19 million, mainly due to further operating loss incurred by manufacturing division.

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