Thursday 28 Mar 2024
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KUALA LUMPUR (Aug 17): Malayan Flour Mills Bhd's (MFM) net profit more than doubled to RM30.65 million or 5.57 sen a share for the second quarter ended June 30, 2016 (2QFY16), from RM12.7 million or 2.36 sen a share a year ago, mainly due to unrealised gain on foreign exchange, coupled with lower share of loss of equity accounted joint venture in 2QFY16.

Revenue rose 13.5% to RM608.11 million, from RM535.56 million on higher sales recorded in flour and trading in grains and other allied products segment.

The group also declared an interim dividend of 3 sen per share for the financial year ending Dec 31, 2016 (FY16), payable on Sept 15.

The improved second-quarter earnings lifted MFM's net profit for the first-half period (1HFY16) to RM48.28 million, more than doubling its RM18.1 million net profit in 1HFY15. Revenue jumped 16.7% to RM1.27 billion, from RM1.09 billion a year ago.

In a filing with Bursa Malaysia today, MFM said despite the uncertain global economic environment, volatile commodity prices and foreign exchange rates, it expects its performance in FY16 to remain positive.

In a separate filing, MFM said Datuk Shaharuddin Haron has been appointed as senior independent director of the company, "to whom any stakeholder's concerns on the group may be conveyed".

MFM shares closed 3 sen or 1.82% lower at RM1.62 today, for a market capitalisation of RM896.89 million.

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