Monday, May 16, 2011

Guan Chong 1Q net profit jumps 52.5% to RM30.08m

KUALA LUMPUR: GUAN CHONG BHD [] net profit for the first quarter ended March 31, 2011 jumped 52.5% to RM30.08 million from RM19.73 million a year earlier, due mainly to higher revenue, net gains arising from foreign exchange due to appreciation of the ringgit, and net fair value gains on foreign exchange derivatives.

Revenue for the quarter rose 7.8% to RM290 million from RM268.95 million in 2010. Earnings per share was 9.44 sen, while net assets per share was 62.7 sen.

Guan Chong proposed a final tax-exempt single-tier dividend of 3 sen per share in respect of FY2010, amounting to a payout of about RM9.6 million.

Reviewing its performance, Guan Chong said on Monday, May 16 that it was optimistic of its performance in the current financial year given that the new cocoa processing plant located in Batam, Indonesia had commenced its production in first quarter of 2011.

'We believe Guan Chong is well-positioned for growth as many initiatives to improve our competitiveness and profitability have been systematically carried out by the management team,' it said.

The company said it expects its performance to be satisfactory for the current financial year.


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