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Tuesday, February 23, 2016

Luxchem's 4Q net profit more than doubles, proposes 4.5 sen dividend

Luxchem's 4Q net profit more than doubles, proposes 4.5 sen dividend
By Gho Chee Yuan / theedgemarkets.com | February 22, 2016 : 6:52 PM MYT

KUALA LUMPUR (Feb 22): Luxchem Corp Bhd's net more than doubled to RM14.82 million or 5.64 sen per share in the fourth quarter ended Dec 31, 2015 (4QFY15), compared to RM6.29 million or 2.42 sen per share a year earlier.

The better earnings were underpinned by higher contribution from the trading and manufacturing segment and the reversal of RM4.29 million in employee benefit expense during the quarter, it told Bursa Malaysia today.

Revenue for the quarter was also higher at RM183.27 million, up 24.57% from RM147.12 million in 4QFY14.

Luxchem is proposing a single tier final dividend of 4.5 sen per share for the financial year ended Dec 31, 2015, subject to the shareholders' approval at the forthcoming annual general meeting.

For the full year (FY15), its net profit climbed 78.42% to RM39.18 million or 14.91 sen a share as compared to RM21.96 million or 8.45 sen per share in FY14, due to same reason. Revenue increased to 686.01 million compared to 603.52 million in FY14

Despite expecting the fluctuations in exchange rates and raw material prices to continue to be a challenge to the group, Luxchem remained positive of its prospects.

Luxchem shares closed two sen or 1.11% higher at RM1.82, with a market capitalisation of RM479.79 million.

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