Pensonic posts 4Q net profit of RM4.5m, declares final dividend of 2 sen

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KUALA LUMPUR (July 27): Pensonic Holdings Bhd announced a net profit of RM4.52 million, or 3.49 sen per share, for the fourth quarter ended May 31, 2016 (4QFY16), down 64.5% from RM12.74 million or 9.83 sen per share a year earlier.

The home electric appliance maker pointed out that it booked in a one-off gain on disposal of property amounting to RM8.5 million in the previous corresponding quarter.

Quarterly revenue grew nearly 15% to RM103.49 million from RM90.04 million due to higher sales from domestic market, it announced to Bursa Malaysia today.

Pensonic declared final dividend of two sen per share for the financial year ended May 31, 2016 (FY16), subject to the shareholders' approval at the forthcoming annual general meeting.

This came after the company declared the first interim dividend of one sen per share yesterday (July 26), which is payable on Sept 15. This brings its full year dividend to three sen per share, lower than 3.5 sen in FY15.

The company's annual net profit fell nearly 36% to RM11.35 million or 8.75 sen per share from RM17.73 million or 13.67 sen per share in FY15, partly due to divestment gain in the previous financial year, despite its cost rationalisation which continues to bear fruit.

Revenue for the year was almost flat at RM386.11 million from RM385.5 million a year earlier.

Looking ahead, the Penang-based company anticipates that competition will remain intense.

Thus, it will continue exploring new markets, product innovation, maintaining excellent customer relationships, placing emphasis on cost control, inventory management and overhead cost rationalisation.

Pensonic said it will expand its market in emerging markets, by promoting and distributing its products to overseas customers through engaging more overseas distributors and business partners.

"We will also continue to devote efforts in research and development of new products in order to keep up with the ever-changing needs of the electrical appliances markets," it added.

Pensonic rose 0.5 sen or 0.75% to settle at 67 sen today, the highest since May this year, for a market capitalisation of RM86.9 million.