Three-A Resources 3Q14 net profit soars 163% to RM4.68 mln

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KUALA LUMPUR(Nov 14): Three-A Resources Bhd recorded a net profit of RM4.68million in the third quarter ended Sept 30, up 163% from RM1.78million a year ago due to lower material and finance costs.

Earnings per share (EPS) grew to 1.19 sen from 0.45 sen a year ago.

In an announcement to Bursa Malaysia today, the soy food manufacturer attributed improved profit to lower materials and finance costs plus higher operational efficiency. Furthermore, there was an impairment of trade receivables in the previous corresponding quarter.

However, the revenue for 3Q14 dropped slightly by 2.4% to RM72.96million from RM74.77million last year, as a result of lower sales of the group's products ranging from soy sauce to glucose syrup.

For the nine months ended Sept 30, the company's profit almost doubled to RM14.48 million from RM6.96 million in the corresponding period in 2013. EPS expanded to 3.43 sen from 1.77 sen a year ago.

The group's products are expected to remain competitive. Barring unforeseen circumstances, the directors expect the group to achieve a satisfactory performance for financial year 2014, it said.