Thursday 28 Mar 2024
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KUALA LUMPUR (Sept 26): Ornamental fish breeder and trader Xian Leng Holdings Bhd posted a lower net loss of RM38,000 in the second quarter ended July 31, 2018, from RM428,000 in the previous year owing to higher sales volume and productivity of Arowana fish.

Loss per share amounted to 0.05 sen against 0.59 sen for the corresponding quarter in the previous year.

Revenue was a tenth higher to RM3.32 million, against RM3.01 million a year ago.

The group attributed the improved turnover mainly to an increase in volume sales notwithstanding a reduction in price of Arowana fish.

For the cumulative six months, Xian Leng posted a lower net loss of RM139,000 against RM395,000 a year ago, while revenue improved 2.4% to RM6.47 million from RM6.32 million.

In a bourse filing, Xian Leng said it will continue its emphasis on research and development to further broaden its production base and variety of species with the potential to improve group profitability.

The industry is expected to remain challenging but the group will continue to explore future business opportunities and effective cost control measures. "The group will continue to adopt a cautious business strategy and remain vigilant in monitoring the group's financial position so as to improve its overall balance sheet," it said.

In a separate filing, Xian Leng announced the appointment of Ho Wei Ying as its chief financial officer. Ho, 33, holds a Bachelor Degree in Accountancy from University of Bolton, United Kingdom and is a chartered accountant.

She has been with Xian Leng since 2004 and in 2010 was appointed senior finance officer, and subsequently promoted to account and finance manager.

Xian Leng closed 0.5 sen or 0.94% higher to 54 sen, valuing the company at RM42.56 million.

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