Thursday 28 Mar 2024
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KUALA LUMPUR (Nov 25): Lay Hong Bhd registered a net profit of RM1.11 million for the second quarter ended Sept 30, 2019 (2QFY20), a significant improvement over the RM10.96 million net loss reported a year ago. 

This was mainly due to a higher quantity and price of poultry products, the poultry and egg producer said in a filing with Bursa Malaysia.

Earnings per share came to 0.17 sen, compared with a loss per share of 1.7 sen in 2QFY19. 

Quarterly revenue rose 15.84% to RM216.66 million, from RM187.03 million, the group said.  

For the cumulative six months (6MFY19), the group posted a net profit of RM4.98 million versus a net loss of RM8.68 million in the previous corresponding period. Revenue rose 8.44% to RM418.87 million, from RM386.28 million.

Lay Hong executive director Datuk Yap Chor How said in a statement: “The re-population of layers at the Sabah farm in Tamparuli has been completed at the end of 2QFY20 and it is expected that the production of table eggs, which were affected by some external factors, will normalise in the third quarter.” 

Lay Hong’s current production capacity for its layer division is close to three million eggs per day. 

“Besides that, the challenges faced on the commissioning of the new liquid egg plant in Johor has been overcome and is now ready to commence commercial production soon,” Yap said. 

On the joint venture with Japan NH Foods Ltd, the group expects the export operation to commence very soon, as the group has secured all the necessary government approvals including the halal certifications. 

Lay Hong’s share price fell 1.5 sen or 3.19% to 45.5 sen today, bringing the group a market capitalisation of RM300.43 million.

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