Premier Nalfin sees a dip in earnings for Q2

PETALING JAYA: Premier Nalfin Bhd, a company which will be delisted from the stock exchange following its capital reduction and capital repayment exercise, saw a 30.6% dip in its net profit for the second quarter ended June 30, to RM360,000 from RM519,000 in the preceding year's corresponding quarter.

The company's revenue also dipped by 8% to RM1.05 million from RM1.14 million in the same period last year, due to the "marginal reduction in the principal amount placed in the fixed deposits and the marginal decrease in the fixed deposit rates."

The company recorded a pre-tax profit of RM537,364 which was 8.5% lower than the RM587,536 recorded last year, due to increase in administration cost. It was subject to taxes amounting to RM177,258.16 in the quarter under review.

The company which was previously involved in downstream palm oil operations, has been without a core operation since 2011.

Trading in Premier Nalfin's shares have been suspended since April 11, 2017. The company's shares is to be delisted from the stock exchange upon completion of a proposed capital reduction and repayment exercise, entailing the cash distribution of RM101.1 million to shareholders on the basis of 30 sen for each ordinary share in Premier Nalfin.

Its net profit for the first half of the year dipped by 20.84% to RM828,000 from RM1.05 million in the same period last year.

Revenue however improved by 22.8% to RM2.10 million from RM1.71 million last year.