KUALA LUMPUR (Nov 16): Amway (Malaysia) Holdings Bhd's net profit jumped 61% to RM18.92 million in its third quarter ended Sept 30, 2016 (3QFY16) from RM11.78 million in the previous year (3QFY15), driven by higher sales.

Revenue climbed 8% to RM261.69 million from RM241.68 million a year earlier.

The group also announced a third interim single-tier dividend of 5 sen per share for the financial year ending Dec 31, 2016, payable on Dec 15.

In its filing with the exchange today, Amway said the better sales were due to higher sales impact from price increases and strong Amway Business Owner (ABO) momentum.

For the cumulative nine months, net profit fell 27% to RM43.15 million from RM58.85 million in the previous year on higher import costs amid weaker ringgit and higher product price, though revenue climbed 11% to RM836.5 million from RM751.65 million.

Going forward, Amway said it expects sales to normalise in 4QFY16 as its sales in 3QFY16 were boosted by various sales and marketing programmes during the quarter.

"In view of the above, the group forecasts a low- to mid-single digit growth for 2016. The group will continue to invest in sales and marketing programmes, and ABO experience related infrastructure.

"This, together with the impact of exchange rate resulting in higher product importation cost compared to previous year, will continue to have negative impacts on our profitability," it said.

In separate filings, it also announced the redesignation of non-independent director Liu Ming-Hsiung @ Martin Liou as its new managing director, and the appointment of Michael Jonathan Duong as its executive director, effective Jan 1, 2017.

Liu, a Taiwanese, is currently MD of Amway Southeast Asia, while Duong, an American, is now deputy general manager of Amway (Malaysia) Sdn Bhd.

Amway rose 2 sen or 0.27% to settle at RM7.50 today, for a market value of RM1.23 billion.