Suiwah 1Q net profit falls 22%

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KUALA LUMPUR (Oct 29): Suiwah Corp Bhd's net profit fell 21.9% to RM2.5 million for the first quarter ended Aug 31, 2018 (1QFY19), from RM3.2 million a year earlier.

Its earnings were affected by the manufacturing segment, whose profit before tax plunged 79.4% to RM439,000 compared with RM2.13 million a year earlier, no thanks to higher finance cost and forex loss, according to the group's filing with the local bourse today.

Suiwah said quarterly revenue, however, climbed 11.5% to RM 101.06 million from RM90.63 million a year ago, mainly due to improved contribution from its business segments, namely retail business segment, trading in construction materials segment and property investment and development segment.

On prospects, Suiwah said it is confident of turning in another profitable period and long-term sustainable growth.

Suiwah’s shares price traded higher by one sen or 4.76% to close at RM2.20 today, valuing the group RM134.2 million.