Thursday, May 19, 2011

Kossan 1Q net profit dips 24.4% to RM22.96m

KUALA LUMPUR: KOSSAN RUBBER INDUSTRIES BHD [] net profit for the first quarter ended March 31, 2011 fell 24.4% to RM22.96 million from RM30.38 million a year earlier partly due to buyers holding lower stock levels due to the increase in raw material, as well as higher latex cost.

Revenue for the quarter declined to RM256.45 million from RM262.77 million in 2010. Earnings per share was 7.18 sen.

In a filing to Bursa Securities on Thursday, May 19, Kossan said the lower turnover in the first quarter was within its expectations.

On its prospects, the company said it was optimistic of better performance for the remainder of the year, barring unforeseen circumstances.


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