Teo Seng falls 6.9% on weaker 2Q earnings

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KUALA LUMPUR (Aug 5): Shares of poultry farming group Teo Seng Capital Bhd fell 6.92% after its second quarter ended June 30, 2015 (2QFY15)’s net profit declined 24.43% to RM7.27 million or 2.56 sen per share, against RM9.62 million or 4.81 sen per share a year ago, on higher operating expenses.

At 9.28am, Teo Seng lost 11 sen to RM1.48 with 6.57 million shares done.

In its quarterly report to Bursa Malaysia, Teo Seng’s statement of comprehensive income shows despite a marginal improvement in its revenue, it was not sufficient to offset a 10.11% increase in operating cost.

Teo Seng’s revenue in 2QFY15 was RM90.61 million, up 0.93% on-year from RM89.77 million.

Cumulatively, the group’s first half of FY15 (1HFY15) recorded a net profit of RM24.76 million, up 24.5% from RM19.89 million last year; while revenue for the period came in at RM203.2 million — 14.9% higher than RM176.81 million in 1HFY14.