Thursday, August 25, 2011

GD Express 4Q net profit up 19.49% to RM2.82m

KUALA LUMPUR: GD EXPRESS CARRIER BHD [] (GDEX) net profit for the fourth quarter ended June 30, 2011 rose 19.49% to RM2.82 million from RM2.36 million a year earlier, due to higher demand for logistics services in the market.

It said on Thursday, Aug 25 that revenue for the quarter increased 18.3% to RM25.31 million from RM21.39 million in 2010.

Earnings per share rose to 1.10 sen from 0.92 sen in 2010, while net assets per share was 18 sen.

GDEX proposed a final single tier dividend of 12.5% or 1.25 sen per share in respect of the financial year ended June 30, 2011, subject to shareholders' approval at its forthcoming AGM.

For the financial year ended June 30, GDEX's net profit rose 17.3% to RM6.98 million from RM5.95 million in 2010, on the back of a 13.7% rise in revenue to RM93.07 million from RM81.84 million in 2010.

Reviewing its performance, GDEX said the favourable result was mainly due to the increase in the number of business days during the quarter as compared to the immediate preceding quarter.

On its prospects, GDEX said it expects the domestic economy to remain healthy.

'Whilst competition is expected to remain intense, GDEX will continue to focus in strengthening its service quality, increasing handling capacity and streamlining process flow to drive operational efficiencies to ensure the long term sustainability of the group.

'Barring unforeseen circumstances, the board is of the opinion that the group's prospects will remain positive,' it said.

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