Higher forex gain, sales lift Samchem's 1Q net profit by 62%

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KUALA LUMPUR (May 17): An increase in foreign exchange gain and higher sales lifted Samchem Holdings Bhd's first quarter net profit by 61.96% to RM8.11 million, from RM5.01 million a year ago.

Earnings per share for the quarter ended March 31, 2018 rose to 2.98 sen from 1.84 sen, Samchem said in a filing with Bursa Malaysia today.

Quarterly revenue climbed 20.8% year-on-year to RM262.83 million from RM217.57 million on higher sales volume.

The board has declared a first interim single-tier dividend of one sen per share, payable on a date that would be announced later.

Moving forward, Samchem expects its performance to be positive, driven by continued cost reduction measures, increased operational efficiency and growth in sales.

Its share price closed down two sen or 1.91% at RM1.03 for a market capitalisation of RM282.88 million.