Thursday, 10 May 2012

Century Logistics 1Q net profit dips 33% to RM.429m

KUALA LUMPUR (May 10): CENTURY LOGISTICS HOLDINGS BHD []’s net profit fell 33% to RM4.29 million in its first quarter ended March 31, 2012 from RM6.44 million a year ago due to start-up losses from its double hull product tanker.

In a statement on Bursa Malaysia on Thursday, it said that revenue for the quarter decreased 2.19% to RM65.33 million from RM66.79 million.

Earnings per share were 5.32 sen compared to 8.18 sen a year earlier.

Reviewing its performance, the company attributed its decline in earnings to its new double hull product tanker, Onsys Century 1.

On its prospects, the company said it took cognizance of the current uncertain global economic environment and will ensure that it takes the necessary measures to remain resilient, including focusing on providing value-added logistics solutions as well as maintaining cost efficiencies.

“As a result, the Group remains confident of its business model,” it said.

It added that the group was interested to explore business opportunities in South Asia, South America and Africa due to the growing demand for procurement logistics services in those regions.

Century Logistics said it would be paying a seven sen final dividend in respect of the financial year ended Dec 31, 2011 on May 25, bringing the total single-tier dividend in respect of the year 2011 to 12 sen per share.

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