Hartalega’s Q3 net profit hit by forex loss

PETALING JAYA: Hup Seng Berhad registered a slight increase in its net profit with RM15.42 million for the fourth quarter of the financial year ended Dec 31, 2016 (4QFY16) against the preceding year’s corresponding quarter net profit of RM15.38 million.
Stronger market demand for biscuits caused revenue to shoot up although not significantly, said the group’s board of directors in a filing with Bursa Malaysia. Hup Seng’s revenue rose by 3.4% with RM82.8 million compared with RM80.07 million in the fourth quarter of financial year 2015 (4QFY15).
At the same time, the higher profit is also attributable to the higher number of recorded sales.
While the group expects to be profitable in 2017, it said the year would be challenging, especially with the rising cost of raw materials.
Hup Seng said it will continue to enhance operating efficiency programmes to mitigate the impact of the higher input cost.