Friday 29 Mar 2024
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KUALA LUMPUR (Nov 21): Evergreen Fibreboard Bhd, a leading medium density fibreboards (MDF) and particleboards in Asia, returned to the black due to lower input costs, after it had been in the red for seven consecutive financial quarters.

The MDF maker announced net profit of RM10.08 million, compared with net loss of RM8.13 million in the previous corresponding period. The company’s earnings were boosted by lower log and glue cost, according to its announcement to Bursa Malaysia.

Evergreen’s revenue came in slightly lower at RM234.49 million in 3QFY14, from RM233.98 million in 3QFY13, which the group attributed to a higher average selling price for its products.

Earnings per share (EPS) for 3QFY14 was at 1.96 sen per share, compared with loss per share of 1.59 sen in the previous corresponding quarter.

Third quarter’s earnings has helped to narrow the company’s accumulative losses for the nine months ended Sept 30, 2014 (9MFY14). It posted net loss of RM14.19 million, which was a 60.5% improvement to its net loss of RM36.03 million recorded in the previous corresponding period.

Revenue for 9MFY14 was up marginally by 0.5% to RM689.82 million, as compared to RM686.62 million a year ago, which the group attributed to the increase in average selling price of its MDF products.

Loss per share for the nine month period narrowed to 2.77 sen in 9MFY14, from 7.02 sen in the same period a year ago.

Evergreen share price dropped 0.5 sen to 54 sen, with a market capitalisation of RM277.01 million.

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