Friday 29 Mar 2024
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KUALA LUMPUR (May 26): Asia Poly Holdings Bhd, which saw its net profit jump several folds in the first quarter ended March 31, chief executive officer Teoh Cheng Chuan has resigned.

In a filing with Bursa Malaysia today, the cast acrylic sheet manufacturer said Teoh, 62, has notified the company that he does not wish to seek for re-election as the director of the company.

Teoh, a chemist by training, has been the main driving force of Asia Poly group, in charge of operations, management and strategic planning.

Teoh has been at the helm since Sept 2, 2004.

Meanwhile, Asia Poly's net profit ballooned to RM1.4 million or 0.53 sen per share in the first quarter ended March 31, 2016 (1QFY16) from a small profit of RM374,000 or 0.43 sen a year earlier.

Revenue was 1.2% lower at RM18.51 million from RM18.74 million in 1QFY15.

It declared a 0.5 sen dividend for the current quarter under review, subject to shareholders approval at the forthcoming annual general meeting.

Going forward, Asia Poly expects the next financial year ending Dec 31, 2016 to be challenging in view of the volatile environment of the current global economy.

Shares in Asia Poly fell one sen or 3.77% to close at 26 sen, for a market value of RM67.44 million.

 

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