KUALA LUMPUR (Jan 28): Furniture manufacturer Homeritz Corp Bhd registered a net profit of RM8.89 million for the first quarter ended Nov 30, 2015 (1QFY16), an increase of 109% from RM4.26 million a year ago, attributed to higher sales and the strengthening of the US dollar.

Earnings per share (EPS) stood at 2.96 sen, compared to 1.42 sen a year earlier.

Revenue grew 21.88% to RM40.67 million from RM33.37 million in 1QFY15.

Announcing its financial results to Bursa Malaysia today, Homeritz said it is operating in global economic uncertainties as well as facing increases in raw materials costs and fluctuation in foreign exchange rates.

Given the above scenario, the group will continue to remain focused in its core business of design, manufacture, and sale of upholstered home furniture.

"Barring unforeseen circumstances, the board believes that the group's prospects for the financial year ending Aug 31, 2016 would remain profitable," it added.

Shares of Homeritz fell three sen or 2.73% to close at RM1.07 today, with 1.75 million shares done, for a market capitalisation of RM321.01 million. The counter has risen more than 50% in the past 12 months.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)