KUALA LUMPUR (Sept 14): Poh Huat Resources Bhd's net profit almost tripled to RM10.49 million, or 9.96 sen per share, for the third quarter ended July 31, 2015 (3QFY15), from RM3.88 million or 3.64 sen per share in the previous year.

Revenue for the quarter grew 26% to RM112.50 million, from RM89.12 million a year earlier.

Poh Huat announced a second interim dividend of three sen per share for the financial year ending Oct 31, 2015 (FY15).

In its filing with Bursa Malaysia, the furniture maker attributed the improved performance to higher shipment from its Vietnamese operations.

"Shipment from our Vietnamese operations was significantly higher in line with the stronger recovery in the employment and housing market in the US against the lower shipment of furniture in the previous year's corresponding quarter which was affected by the anti-China riot," it said.

Besides that, the strengthening of the US dollar had also improved margins for its Vietnamese and Malaysian operations. The group recorded a foreign exchange gain of RM3.4 million during the quarter.

For the cumulative nine-month period to July 31 (9MFY15), net profit almost doubled to RM23.33 million, from RM12.75 million in the year before, while revenue climbed 17% to RM313.75 million, from RM269.06 million.

Going forward, the group said it remains mindful of the challenges in the global economy, in view of the slowdown in the growth of China and Europe, which has impacted global financial markets and consumer confidence.

"Amid this backdrop, the group continues to adopt a collaborative approach with its long-term customers in terms of product development and manufacturing programmes and further emphasise on financial discipline when dealing with suppliers to ensure availability of resources at stable prices," it said.

Poh Huat dropped one sen or 0.34% to RM2.90, bringing its market capitalisation to RM310.6 million. But, the stock has doubled year-to-date from RM1.40.

(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.)