Friday, 11 May 2012

K Seng Seng's 1Q net profit slumps to RM95,000

KUALA LUMPUR: K. Seng Seng Corporation Bhd's net profit plunged 85.41% to RM95,000 in its first quarter ended Mar 31, 2012 from RM651,000 a year ago due to lower purchase orders and fluctuating costs.

In a statement on Bursa Malaysia on Friday, it said revenue fell 8.61% to RM15.18 million from RM16.61 million a year earlier.

Earnings per share were 0.10 sen compared to 0.68 sen.

The group attributed its weak earnings to lower purchase orders from its existing customer base and from the overseas market as well as the fluctuating costs of raw material.

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