Higher revenue, lower expenses boost Classic Scenic Q3 results

PETALING JAYA: Classic Scenic Bhd’s net profit in the third quarter ended Sept 30, 2016 (Q3FY16) almost doubled to RM3.2 million, from RM1.7 million in the same period last year, due to higher sales revenue and lower operating expenses.
The group is involved in the manufacturing and sale of wooden picture frame moulds and timber products.
Revenue went up 22.8% to RM14.02 million, compared with RM11.4 million in the previous corresponding quarter, mainly driven by higher sales volume from export of wooden picture frame moulding and the strengthening of the US dollar.
For the nine months period, its net profit jumped almost 60% to RM11 million, from RM6.92 million last year, while revenue grew 12.6% to RM43.8 million, against RM38.9 million previously.
In a filing with Bursa Malaysia yesterday, the group said the healthy retail sales growth of 0.8% released by the US Department of Commerce last October is pointing to stronger growth in the final quarter of the US economy.
However, the group said the unexpected victory of Donald Trump in the US presidential election has given rise to some uncertainties.
“Despite the uncertainties, the group is expected to be resilient in weathering the eventualities. Barring any unforeseen circumstances, we expect to perform satisfactorily for the remaining period of the financial year ending Dec 31, 2016,” it added.