KAJANG (Jan 9): Furniture manufacturer SYF Resources Bhd expects better profit in the financial year ending July 31, 2015 (FY15), due to lower raw material prices and the weakening ringgit against the US dollar.

"The results for all exporters would be good, especially furniture exporters. Raw material is at its all-time-low in the past five years," executive director Datuk Seri Chee Hong Leong told reporters after the company's annual general meeting today.

He said raw material costs had fallen, stemming from low rubber prices which led to "a lot of replanting and timber cut."

Rubber wood is one of the main raw materials used by SYF Resources to manufacture furniture.

The weakening ringgit against US dollar would also translate into better profit margins, but the company had yet to enjoy the full impact of the lower ringgit as it had already done some hedging earlier on, Chee said.

While the first two quarters of the financial year are usually slower, he expects the latter quarters to perform better.

According to its latest annual report, SYF Resources recorded a net profit of RM21.7 million in FY14 on a revenue of RM277.12 million.