Seng Fong’s 1Q net profit at Rm8.7mil

JAYA: Seng Fong Holdings Bhd’s net profit dipped by 22.4% year-onyear (y-o-y) to Rm8.65mil in the first quarter ended Sept 30 due to higher diesel cost of Rm3.8mil and higher finance costs due to interest rate hikes during the period.

In a filing with Bursa Malaysia, Seng Fong, which debuted on the Main Market of Bursa Malaysia on July 7, said the group plans to install two units of wood chip gasification hot air systems to reduce its diesel expenses.

Revenue for the quarter increased by Rm39.2mil or 18.4% y-o-y to Rm251.7mil, due to higher revenue contribution from its processing segment.