Friday 29 Mar 2024
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KUALA LUMPUR (May 21): Panasonic Manufacturing Malaysia Bhd’s net profit fell 6.04% to RM25.15 million in its fourth quarter ended March 31, 2018 (4QFY18) from RM26.77 million previously, dragged by higher tax incurred in the quarter.

Quarterly earnings per share (EPS) slipped to 42 sen from 44 sen in 4QFY17.

The Company’s revenue of RM276.7 million for the current quarter was higher by 12%  compared with revenue of RM247.3 million.

Notwithstanding that, Panasonic has proposed a final dividend of RM1.33 per share plus a special dividend of RM1 apiece pending shareholders’ approval.

At pre-tax profit level, Panasonic saw a jump of 27.55% to RM33.62 million from RM26.36 million previously as revenue rose 11.9% to RM276.7 million from RM247.31 million in the same quarter last year.

By segment, Panasonic’s fan and other products’ segment saw pre-tax profit rise 19% on-year to RM21.5 million, mainly thanks to higher sales.

Its home appliance products’ segment more than doubled to RM12 million in the quarter.

“The higher profitability in the current quarter was mainly attributed to higher revenue achieved and favorable sales model mix,” it said.

For its full-year ended March 31, 2018 (FY18), Panasonic’s net profit rose 3.07% to RM131.02 million from RM127.12 million previously.

This, said the electrical products manufacturer, was supported by an increase in sales revenue and higher derivative gain, offset by lower share of results of associated company and higher tax.

The Company’s revenue of RM1.2 billion for the year ended 31 March 2018 was higher by 7%  compared with revenue of RM1.12 billion registered in the previous year’s corresponding period.

“This was mainly due to higher sales from vacuum cleaner and ceiling fan products, attributable to the sales recovery gained from Middle East markets and an increase in demand for home shower products arising from the prolonged rainy season,” said the group.

Despite the recovery in Middle East, Panasonic opined that the political uncertainties in the Gulf region will still impact its export revenue.

“The company’s operations remain affected by the rising raw materials prices and volatile foreign currency exchange rates,” it said. “Continuous efforts are being made to reduce the overall costs of production in order to remain competitive.”

Shares of Panasonic closed at its five-month high, gaining 22 sen or 0.58% at RM38.30 apiece for a market capitalisation of RM2.32 billion.

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