KUALA LUMPUR (June 24): Apollo Food Holdings Bhd’s net profit fell 34.85% to RM3.83 million for the fourth quarter ended April 30, 2022 (4QFY22) from RM5.88 million a year ago, despite higher revenue achieved for the quarter under review, dragged by costlier raw materials.

Apart from that, the group also recorded lower production capacity due to labour shortage, the confectionery maker's Bursa Malaysia filing showed, while the previous year's corresponding quarter had recorded a reversal of impairment loss on property, plant and equipment.

As a result, the group's 4QFY22 earnings per share (EPS) dropped to 4.79 sen from 7.35 sen. Revenue was up 6.01% at RM57.34 million from RM54.09 million, due to higher product selling prices.

The group proposed a first and final dividend of 15 sen for FY22, payable on Jan 11, 2023 — down 57% from 35 sen per share a year ago.

For the full FY22, its net profit shrank 42.5% to RM9.97 million from RM17.34 million in FY21, as revenue dipped 1.11% to RM188.27 million from RM190.39 million. Cumulative EPS sank to 12.46 sen from 21.67 sen.

On the group’s prospect, Apollo Food warned that it is currently operating under a challenging environment in which it has to face uncertain raw materials costs and labour shortage.

“The group will implement prudent measures and improve operational efficiency to sustain the business and results,” it added.

Shares in Apollo Food were unchanged at RM3.89, giving the group a market capitalisation of RM311 million.