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Thursday, January 23, 2014

Zhulian tumbles on weaker earnings

Source: http://www.thestar.com.my/Business/Business-News/2014/01/23/Zhulian-tumbles-on-weaker-earnings/

KUALA LUMPUR:  Shares of Zhulian Corp Bhd tumbled in early Thursday trade after it reported a set of disappointing financial results for the fiscal year ended Nov 30, 2013.
At 9.15am, Zhulian was down 67 sen to RM3.94 with 1.42 million shares done. Its call warrants, Zhulian-CB fell 10 sen to 13.5 sen with 1.60 million units done.
The FBM KLCI fell 6.37 points to 1,807.73. Turnover was 120.42 million shares valued at RM83.8mil. There were 119 gainers, 122 losers and 163 counters unchanged.
On Wednesday, Zhulian, which manufactures and distributes consumer products through multi-level marketing, reported a 56% fall in fourth quarter earnings 56% to RM13.7mil from RM31.3mil a year ago.
Revenue in the quarter was RM77.8mil, down 33.5% from RM117.2mil previously.
Basic earnings per share came in at 2.99 sen compared to 6.81 sen the year before, but the company – which also operates in Thailand, Indonesia and Singapore – proposed a slightly higher dividend of 7 sen from 6.5 sen previously.
Revenue for the full year was down 7.4% to RM417mil from RM450.4mil, but earnings crept up 3.3% to RM121mil, from RM117.1mil in the previous financial year.

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