KUALA LUMPUR (June 27): Kenanga Investment Bank Bhd said today Hai-O Enterprise Bhd's RM74.83 million net profit in the financial year ended April 30, 2018 (FY18) was below Kenanga's and consensus expectations.
Hai-O's businesses include multi-level marketing, pharmaceutical manufacturing and Chinese medicinal clinics. Yesterday, Hai-O said FY18 net profit rose to RM74.83 million from RM59.48 million a year earlier. Revenue climbed to RM461.78 million from RM404.24 million a year earlier, according to Hai-O.
Today, Kenanga said: "FY18 net profit of RM74.8 million (+26%) came in below our or consensus expectations at 89% or 87% of full-year estimates."
At Bursa Malaysia, Hai-O shares settled at RM4.79 at 12:30pm. A total of 345,900 units were transacted.