Malayan Flour Mills down 4.92% after falling into the red in 2Q

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KUALA LUMPUR (Aug 15): Shares in Malayan Flour Mills Bhd (MFM) dropped 4.92% this morning after it fell into the red with a net loss of RM580,000 in its second quarter ended June 30, 2019 (2QFY19), versus a net profit of RM4.77 million a year ago, following losses sustained in its poultry integration segment. This was despite its quarterly revenue rising 14.21% to RM625.52 million from RM547.68 million last year.

At 9.22am, MFM fell 3 sen to 58 sen with 3.37 million shares traded.

It declared an interim dividend of 1.2 sen, payable on Sept 13.

Its 1HFY19 net profit tripled to RM19.29 million from RM6.37 million last year on stronger contribution from its flour and grains trading segment, and its share of profit from joint venture. Revenue increased by 13.42% to RM1.26 billion from RM1.11 billion.