Eurospan posts third quarterly loss on lower revenue

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KUALA LUMPUR (July 22): Home furniture manufacturer Eurospan Holdings Bhd posted its third straight quarterly in the fourth financial quarter ended May 31, 2015 (4QFY15), with a net loss of RM582,000 or 1.31 sen loss per share compared with a net profit of RM1.64 million or 3.69 sen earnings per share a year ago, mainly due to lower revenue in the current financial year and different product mix.

Revenue fell 21.4% to RM11.54 million from RM14.69 million in 4QFY14.

No dividends were paid during the financial year ended May 31, 2015 (FY15).

For the full year FY15, Eurospan posted a net loss of RM831,000 or 1.87 sen loss per share compared with a net profit of RM5.67 million or 12.77 sen earnings per share.

Revenue for FY15 dropped 19.2% to RM52.71 million from RM65.2 million in FY14.

On FY16 prospects, Eurospan said the group will continue to be cautious on the challenges ahead.

"The management will continue its effort in improving its operating results," it added.

Eurospan (fundamental: 2.35; valuation: 1.1) shares closed unchanged at 78 sen today, bringing a market capitalisation of RM34.65 million.

(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.)