Thursday 28 Mar 2024
By
main news image

KUALA LUMPUR (July 12): Atlan Holdings Bhd registered a net profit of RM7.38 million in the first quarter ended May, 2018 — 35.4% lower than RM11.43 million in the same period last year — as its revenue fell significantly owing primarily to a "supply shortage of certain popular products in the global market".

Revenue was 21.5% lower at RM170.53 million compared to RM217.31 million a year ago. Earnings per share amounted to 2.91 sen against 4.5 sen last year.

In a filing to Bursa Malaysia, Atlan said the drop in revenue in its duty free segment was largely due to shortage of supply of certain popular products in the global market, which had affected group revenue.

The property and hospitality segment also recorded lower revenues as a result of reduced occupancy rates. Lower revenues coupled with higher operating expenditure led to lower profits for the segment.

But its automotive segment's revenue and profit were higher than the previous year mainly because of improved orders.

Atlan has declared a first interim single tier dividend of 10 sen per ordinary share for the financial year ending Feb 28, 2019, to be paid on Aug 16, 2018.

Looking ahead, the company expects the operating environment to remain challenging, given the prevailing economic conditions and the volatility of the ringgit against foreign currencies.

"The group will continue its efforts to identify new market opportunity and strategies to further strengthen our customer base as well as distribution channel, together with close monitoring of the key cost drivers, in order to stay competitive and profitable in the remaining quarters of the financial year ending Feb 28, 2019," it said.

Atlan closed unchanged today at RM4.50 for a market capitalisation of RM1.14 billion.

      Print
      Text Size
      Share