Thursday, 3 May 2012

New Hoong Fatt 1Q net profit falls 42.1% to RM4.1 million

KUALA LUMPUR (May 3): NEW HOONG FATT HOLDINGS BHD [] net profit for the first quarter ended march 31, 2012 fell 42.1% to RM4.1 million from RM7.08 million a year earlier, due mainly to increased in manufacturing and operating costs as well as higher foreign exchange loss.

The company said on Thursday that its revenue for the quarter edged up 0.6% to RM54.02 million from RM53.71 million in 2011 due to higher demand for export sales.

Earnings per share was 5.45 sen compared to 9.42 sen a year earlier, while net assets per share was RM3.90.

On its prospects, New Hoong Fatt said it expects 2012 to be another challenging year as the global economic outlook is expected to remain uncertain, and the uncertainties will further drive volatility in commodity costs.

“The Group is optimistic that it will continue its positive performance in the current financial year,” it said.

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