KUALA LUMPUR: Hap Seng Consolidated Bhd posted a marginal year-on-year (y-o-y) increase in profit in its 4QFY11 results, while its listed plantation arm, Hap Seng Plantations Holdings Bhd saw a slight decrease, according to announcements made to Bursa Malaysia yesterday. Both companies chalked up strong double-digit growth in profit for FY11 ended Dec 31, sending their share prices to 52-week highs.
Hap Seng Consolidated posted a 20.6% y-o-y increase in its FY11 net profit, rising to RM493.13 million from RM409.05 million, with earnings per share of 18.85 sen. Hap Seng Plantations’ net profit grew 49.6%, from RM169.11 million to RM252.97 million, or 31.62 sen per share.
For 4QFY11, Hap Seng Consolidated posted a net profit of RM136.5 million, 4.28% y-o-y higher than its 4QFY10 net profit of RM130.89 million. On a quarter-on-quarter basis, net profit improved 49.75% from RM91.15 million in 3QFY11.
The diversified company’s 4Q revenue increased 20.2% to RM974.64 million from RM810.89 million. It attributed the higher revenue to growth in all divisions except for property, which posted a 10% y-o-y decline in revenue due to lower project sales due to the timing of completion of its existing projects in Sabah and Sarawak.
“Group operating profit for the current quarter at RM191.3 million was 4% higher y-o-y, with improved contributions from the property, credit financing and automotive divisions,” it said.
The group’s listed plantation arm, Hap Seng Plantations, posted net profit of RM53.07 million for the latest quarter, a 2.9% y-o-y decline from RM54.64 million last year, which it attributed to higher production costs. Its revenue increased marginally by 2.3% y-o-y to RM161.02 million from RM157.43 million.
Despite recording higher crude palm oil sales of 46,238 tonnes and higher CPO selling prices of RM2,977 per tonne compared with last year’s RM2,843 per tonne, the gains were affected by lower palm kernel sales. Both companies announced second interim dividends, 10 sen for Hap Seng Plantations and 4.7 sen for Hap Seng Consolidated.
Hap Seng Consolidated and Hap Seng Plantations each closed one sen higher at RM3.05 and RM1.68, respectively. Their trading volume stood at 985,400 shares and 1.5 million shares.
This article appeared in The Edge Financial Daily, February 15, 2012.
Hap Seng Consolidated posted a 20.6% y-o-y increase in its FY11 net profit, rising to RM493.13 million from RM409.05 million, with earnings per share of 18.85 sen. Hap Seng Plantations’ net profit grew 49.6%, from RM169.11 million to RM252.97 million, or 31.62 sen per share.
For 4QFY11, Hap Seng Consolidated posted a net profit of RM136.5 million, 4.28% y-o-y higher than its 4QFY10 net profit of RM130.89 million. On a quarter-on-quarter basis, net profit improved 49.75% from RM91.15 million in 3QFY11.
The diversified company’s 4Q revenue increased 20.2% to RM974.64 million from RM810.89 million. It attributed the higher revenue to growth in all divisions except for property, which posted a 10% y-o-y decline in revenue due to lower project sales due to the timing of completion of its existing projects in Sabah and Sarawak.
“Group operating profit for the current quarter at RM191.3 million was 4% higher y-o-y, with improved contributions from the property, credit financing and automotive divisions,” it said.
The group’s listed plantation arm, Hap Seng Plantations, posted net profit of RM53.07 million for the latest quarter, a 2.9% y-o-y decline from RM54.64 million last year, which it attributed to higher production costs. Its revenue increased marginally by 2.3% y-o-y to RM161.02 million from RM157.43 million.
Despite recording higher crude palm oil sales of 46,238 tonnes and higher CPO selling prices of RM2,977 per tonne compared with last year’s RM2,843 per tonne, the gains were affected by lower palm kernel sales. Both companies announced second interim dividends, 10 sen for Hap Seng Plantations and 4.7 sen for Hap Seng Consolidated.
Hap Seng Consolidated and Hap Seng Plantations each closed one sen higher at RM3.05 and RM1.68, respectively. Their trading volume stood at 985,400 shares and 1.5 million shares.
This article appeared in The Edge Financial Daily, February 15, 2012.
