Friday 29 Mar 2024
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KUALA LUMPUR (Oct 30): Tin plate manufacturer Perusahaan Sadur Timah Malaysia Bhd (Perstima) saw its net profit for the second financial quarter ended Sept 30, 2014 (2QFY15) plunge 31% to RM7.92 million or 7.98 sen per share from RM11.45 million or 11.53 sen per share a year ago, on lower sales volume despite higher selling price.

Revenue for 2QFY15 dipped 2% to RM168.59 million from RM171.16 million.

Still, Perstima declared an interim dividend of 15 sen per share for the financial year ending March 31, 2015 (FY15), payable on Dec 5.

The second-quarter results dragged its net profit for the cumulative six months period (1HFY15), which dropped by 29% to RM13.64 million or 13.74 sen per share from RM19.2 million or 19.33 sen per share a year ago.

Revenue also slipped 2% to RM317.44 million from RM323.36 million in 1HFY14.

In a filing with Bursa Malaysia this evening, Perstima said the domestic market contributed 67% or RM113.75 million to the group’s revenue in 2QFY15, while income from its operations in Vietnam contributed 33% or RM56.64 million.

Going forward, Perstima expects the operating environment to remain challenging and competitive due to greater presence of imports from overseas as well as higher utilities tariff.

“Although these factors will affect the growth and profitability of the group, Perstima will continue the cost saving activities and is confident that its profitability for FY15 will be satisfactory,” it said.

Perstima has manufacturing facilities in Malaysia and Vietnam.

Its local facility in Pasir Gudang, Johor has a production capacity of 200,000 tonnes per year, while its wholly-owned subsidiary in Vietnam has a manufacturing capacity of 100,000 tonnes per year.

Shares in Perstima has been trending upward since January, increasing by 43 sen or 10.91% year-to-date. It closed at RM4.37 today, giving it a market capitalisation of RM434 million.
 

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