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Friday, February 24, 2017

Kim Hin's 4Q net profit leaps 250% on Australian unit's performance

By Adela Megan Willy / theedgemarkets.com | February 24, 2017 : 7:40 PM MYT

KUALA LUMPUR (Feb 24): Kim Hin Industry Bhd's net profit for the fourth quarter ended Dec 31, 2016 (4QFY16) leaped 249.9% to RM13.09 million, from RM3.74 million a year earlier, on increased revenue.

Revenue improved by 21.5% to RM118.75 million from RM97.74 million, thanks to contributions from the group's Australian subsidiary, Outset Holdings Pty Ltd, which it acquired on Sept 1, 2016.

For the full FY16, Kim Hin's net profit declined 11.9% to RM30.28 million from RM34.36 million in FY15.

Outset Holdings's performance also lifted the group's FY16 revenue by 9.8% to RM403.39 million, from RM367.44 million in FY15.

The group noted that in FY16, all its geographical segments except Malaysia performed better.

The group did not declare any dividend for FY16.

Kim Hin said the group's results in FY17 would depend on the performance of the national and regional economies as well as fluctuations in main operating costs and foreign exchange movements.

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