PETALING JAYA: Biscuit manufacturer Hup Seng Industries Bhd posted a 2.8% decline in net profit for its fourth quarter ended Dec 31 2019, to RM12.38 million, from RM12.74 million a year before, mainly due to poorer margins in certain segments.
Revenue for the quarter however increased 2.3% to RM87.8 million, from RM85.9 million mainly underpinned by higher domestic sales from wholesale channels.
In a Bursa Malaysia filing, Hup Seng said its export sales registered an increase of 0.7% or about RM200,000 mainly from Indonesia.
For the full year of 2019, the group saw a 3.3% decrease in net profit to RM41.5 million from RM43 million previously. Revenue stood at RM309.5 million, 0.7% higher than RM307.4 million in FY18.
“Domestic sales registered an increase of 1.2% or RM2.7 million, mainly from wholesale channels. Export sales, on the other hand, decreased by 0.6% or RM500,000 mainly due to lower sales to China,” it said.
