KUALA LUMPUR (Feb 20): Tomei Consolidated Bhd's net profit dropped 3.2% in the fourth quarter ended Dec 31, 2018 (4QFY18) to RM4.26 million from RM4.4 million in the previous corresponding quarter, dragged by lower revenue.

Quarterly revenue declined 7.8% to RM138.42 million from RM150.11 million in 4QFY17, due to lower sales volume.

As a result, its earnings per share was reduced to 3.07 sen from 3.18 sen per share previously.

For the full financial year ended Dec 31, 2018 (FY18), Tomei's net profit shrank 70.4% to RM4.75 million from RM16.05 million in the previous year due to lower sales volume and gross profit margin attained mitigated by the gain on disposal of its skincare business. Annual revenue was down 8.6% at RM564.02 million compared with RM617.02 million.

On its prospects, Tomei said in a filing with Bursa Malaysia today that domestic economic growth will be very much dependent on the recovery of commodity prices.

"In this context, the group will adopt a more cautious and conservative approach to its business by reducing operating costs and increasing revenue through aggressive promotion and marketing of its products," it said.

Its shares closed down 1.5 sen or 2.52% at 58 sen for a market capitalisation of RM80.39 million.