KUALA LUMPUR: CI Holdings Bhd posted net profit of RM8.20 million in the third quarter ended March 31,2011 from RM10.95 million a year ago mainly attributable to increase in raw materials especially from the beverages division.
It said on Wednesday, April 20 that effective from Jan 1 this year, the beverages division, along with 12 other big beverage peers, is no longer eligible to purchase government subsidised sugar. 'This change in policy increased the cost of sugar by 38% overnight,' it said.
It said revenue rose 2% to RM140.09 million from RM137.70 million while earnings per share were 5.78 sen compared with 7.71 sen.
'The quarter's moderate revenues can be attributed to different timing of the Chinese New Year festive period in 2011 relative to 2010, competitive pressures and unusually high rainfall of six times the usual average,' it said.
It said on Wednesday, April 20 that effective from Jan 1 this year, the beverages division, along with 12 other big beverage peers, is no longer eligible to purchase government subsidised sugar. 'This change in policy increased the cost of sugar by 38% overnight,' it said.
It said revenue rose 2% to RM140.09 million from RM137.70 million while earnings per share were 5.78 sen compared with 7.71 sen.
'The quarter's moderate revenues can be attributed to different timing of the Chinese New Year festive period in 2011 relative to 2010, competitive pressures and unusually high rainfall of six times the usual average,' it said.
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