Friday 29 Mar 2024
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KUALA LUMPUR (Aug 18): Malayan Flour Mills Bhd (MFM) fell as much as 7.2% or 17 sen this morning after announcing a weaker second quarter financial performance yesterday.

At 10.07am, MFM’s share price stood at RM2.20, with about one million shares traded.

MFM’s net profit in the second quarter ended June 30, 2017 (2QFY17) dipped 47.3% to RM16.1 million from RM30.6 million last year, no thanks to lower margins in the flour and grains trading segment.

Profit was also affected by higher operating expenses in both flour and grains trading, and poultry integration segments, it said in its bourse filing yesterday.

Revenue declined 5.3% year-on-year to RM575.9 million from RM608.1 million due to lower sales.

Still, for the financial year ending Dec 31, 2017 (FY17), the board declared a single tier three sen dividend, payable on Sept 19.

As for the cumulative six-month period (1HFY17), net profit declined 15% y-o-y to RM41.06 million from RM48.3 million, on the back of RM1.18 billion revenue, which was 7.4% lower from RM1.27 billion last year.

 

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