Teck Guan sees decline in Q3 net profit

PETALING JAYA: Teck Guan Perdana Bhd saw a 37.93% decline in its net profit for the third quarter ended October 31, to RM1.86 million from RM3.00 million a year ago.
The group’s revenue for the period under review rose 20.90% to RM112.32 million against the RM92.90 million recorded a year prior, on the back of increased sales volumes.
“The palm oil market is expected to remain challenging with vulnerability in commodity prices coupled with volatility in exchange rates, and uncertainty of market demand. However, management is cautiously optimistic on the long-term prospects of the palm-based industry and will continue to mitigate the related business risks and focus on efficiency improvement on cost control,” Teck Guan’s board of directors said in a stock exchange filing.
The group which is involved in the manufacturing and sale of cocoa and palm kernel products recorded a net loss of RM2.60million for the first nine months of the year as compared with the net profit of RM10.66 million for the same period last year.
Revenue rose 7.55% to RM311.40 million for the same period from RM289.52 million.