Favorite Links

Sunday, August 21, 2016

Lii Hen posts 34% rise in 2Q net profit on better exchange rate

Lii Hen posts 34% rise in 2Q net profit on better exchange rate
By Sangeetha Amarthalingam / | August 19, 2016 : 8:47 PM MYT

KUALA LUMPUR (Aug 19): Furniture manufacturer Lii Hen Industries Bhd’s second quarter net profit grew 34.4% to RM17.02 million or 9.46 sen per share, from RM12.6 million or 7.03 sen per share a year ago, on better U.S. dollar exchange rate.

Revenue for the quarter ended June 30, 2016 (2QFY16) rose 4.5% to RM144.5 million, from RM138.2 million for 2QFY15, it told Bursa Malaysia in a filing today.

A second single tier dividend of four sen, totalling RM7.2 million, was declared for the first half year of FY16, payable on Sept 23. The ex-date is Sept 6 and entitlement date is Sept 8.

Net profit for the fits half year soared 62.8% to RM38.1 million or 21.17 sen per share, from RM23.4 million or 13 sen per share in 1HFY15. Revenue rose 23.78% to RM309.9 million, from RM250.3 million.

Lii Hen said the U.S. labour market, which is believed to be approaching full employment, could help spur economic growth in that country. Lii Hen’s main market is the U.S.

The group said its main challenge is at the local front, where the acceleration of production costs and shortages of workforce would continue to affect its financial performance.

In view of that, the group will continue to focus on its core products by diversifying its product range to strengthen the market position and expand the customer base and simultaneously continue to adopt an effective cost management.

“With better controllable cost structure and wider sales market base, the group is committed to deliver a favourable result for year 2016,” Lii Hen said.

Lii Hen’s share price fell two sen or 0.59% to RM3.38 today, for a market capitalisation of RM608.4 million.

No comments:

Post a Comment