Thursday, December 29, 2011

IRCB posts net loss RM5.29 million in 3Q

KUALA LUMPUR (Dec 29): INTEGRATED RUBBER CORPORATION [] Bhd (IRCB) posted net loss RM5.29 million in the third quarter ended Oct 31, 2011 from net profit RM2.88 million a year earlier, on lower output and volatile latex prices.

The company said on Thursday that its revenue for the quarter fell 21.96% to RM24.83 million from RM31.82 million in 2010.

Loss per share was 0.98 sen compared to earnings per share of 1.21 sen, while net assets per share was 14 sen.

For the nine months ended Oct 31, IRCB registered a net loss of RM17.93 million compared to net profit RM3.36 million a year earlier, while revenue decreased to RM86.99 million from RM107.24 million.

Reviewing its performance, IRCB said the drop in revenue was due mainly to decrease in production output caused by the shortage of manpower and volatility of latex price for the third quarter.

It said that in addition, the stock write down of RM1.46 million which was non-recurring in nature further caused deterioration of its results.

On its prospects, IRCB said the volatility of latex price and foreign exchange coupled with the excess supply capacity remain as competitive and challenging factors in the industry.

However, the company said that with the more manageable raw material prices and recovery of manpower, it expects to improve its revenue in the coming quarter.

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