KUALA LUMPUR (Feb 16): Chicken eggs producer LTKM Bhd's net profit for the third quarter ended Dec 31, 2016 (3QFY17) stood at RM2.04 million or 1.57 sen per share, down 53% from the RM4.35 million or 3.34 sen per share it registered a year ago, mainly due to lower egg prices.

Revenue was also lower at RM42.79 million compared to RM44.93 million in 3QFY16.

In a filing to Bursa Malaysia today, the company said the poultry segment's revenue drop was due to lower egg prices as well as higher expenses from the investment holdings segment.

LTKM proposed a final dividend of 1.5 sen per share, payable on Apr 7.

In its cumulative nine months (9MFY17), the group also reported lower net profit of RM10.24 million compared to RM11.51 million in the previous year.

Cumulative revenue however was slightly higher at RM129.24 million compared to RM128.65 million a year ago.

On its prospects in the remaining financial year, the group said, "The next period [will be] challenging due to low egg prices whilst costs of major raw materials continue to be volatile due to the weak ringgit."

LTKM shares closed up two sen or 1.5% higher at RM1.35, with a market capitalisation of RM175.64 million.