KUALA LUMPUR (May 23): Ajinomoto (M) Bhd saw its net profit decline by 19.54% to RM11.82 million for the fourth quarter ended March 31, 2019 (4QFY19) from RM14.69 million a year ago, due to higher advertising and sales promotion expenses.

Meanwhile, earnings per share declined to 19.45 sen from 24.16 sen previously.

The group proposed a dividend of 47 sen, pending shareholders’ approval at upcoming annual general meeting.

In a filing with Bursa Malaysia, Ajinomoto also disclosed that revenue for the quarter under review grew 3.85% to RM119.48 million from RM115.05 million in 4QFY18.

For the entire FY19, Ajinomoto net profit went up by 0.6% to RM56.58 million, from RM56.26 million in FY18, while revenue grew 2.62% to RM447.73 million from RM436.29 million over the same period.

Moving forward, Ajinomoto said the market is expected to remain competitive.

“In addition the global economic and other uncertainties may cause volatility in the exchange rate between Malaysia ringgit and US dollar which will impact on the cost of our key imported raw materials.

“In the light of these factors, management will continue to strengthen the sales and marketing strategies, further improve productivity and profitability as part of the Company’s plans for sustainable growth,” it said.

Ajinomoto’s share price gained 12 sen or 0.69% to RM17.52 today, giving it a market capitalisation of RM1.07 billion.