Teck Guan 2QFY17 earnings soar 145 per cent to RM6.33 million
KUCHING: Teck Guan Perdana Bhd’s (Teck Guan) earnings for the second quarter of financial year 2017 (2QFY17) ended July 2016 soared by 145 per cent yearon-year (y-o-y) to RM6.33 million from RM2.59 million recorded in 2QFY16 ended July 2015.
The company in its accounts notes said the improved earnings for 2QFY17 was attributed to increase in selling price, sales volume and favourable exchange rate as a result of gains from foreign currency sales translation as well as better operating profit margin for goods sold.
Teck Guan added revenue for 2QFY17 gained by 45 per cent y-o-y to RM96.05 million from RM66.09 million generated in 2QFY16.
It explained that the higher revenue generated was due to the increase in selling price, sales volume and gains from foreign currency translation.
In the meantime, Teck Guan said its palm oil products segment remained the group’s main source of revenue, which contributed 98.03 per cent to the group’s revenue in 2QFY17.
The company noted the balance of the revenue for 2QFY17 was contributed by its cocoa products’ segment.
For the first half of financial year 2017 (1HFY17) ended July 2016, Teck Guan noted revenue rose by 63 per cent y-o-y to RM196.62 million while net profit grew by 41 per cent y-o-y to RM7.66 million over the same period in the previous financial year.
On the company’s outlook, Teck Guan believed the current palm oil prices remain resilient on account of low stock levels.