KUALA LUMPUR (Aug 28): Minho (M) Bhd posted a 98% hike in net profit to RM3.03 million in the second quarter ended June 30,2014 (2QFY14), compared to RM1.53 million a year earlier, due to improvement in its timber operations.
Minho said in a filing to Bursa Malaysia today that revenue rose to RM65.72 million, from RM55.21 million.
“This increase was mainly attributed to the combined improvement seen in nearly all of our market segments, the principal exception being our property development segment, which did not record any activities for the quarter under review, as it was awaiting approval from the authorities for its new development project,” said Minho.
Minho recorded a cumulative first half net profit of RM3.01 million from RM1.5 million a year earlier, while revenue rose to RM118.21 million from RM117.31 million.
Looking ahead, Minho projected its 3QFY14 performance to be weaker than 2QFY14 financials.
“The group anticipated that there will be a reduction in the timber extraction segment profits, as there will be no logging activities carried out in the next quarter,” Minho said.