Guan Chong net profit surges – Business News


KUALA LUMPUR: Cocoa products maker Guan Chong Bhd said improved margins and unrealised gain derived from trading of commodity future contracts boosted its net profit in the last quarter ended Dec 31.

It expects the business environment for the financial year ending Dec 31, 2018 (FY18) to be less volatile.

“The group will continue to focus on efforts to explore new markets for its wide range of cocoa ingredients, optimise production according to market conditions and expand overall grinding capacity,” it said in a filing with Bursa Malaysia on Monday.

Earnings in the fourth quarter shot up to RM30.8mil compared with RM2.7mil made a year earlier, despite a decrease in revenue to RM493.8mil.

“The decrease of 9.2% in turnover is mainly due to decrease in sales volume of cocoa solids and overall selling price of cocoa

products,” it said.

The surge in last quarter net profits boosted its full year earnings to RM80.16mil, or 18.66 sen a shares.

The stock was last traded at two sen higher at RM1.99.

Read more : thestar

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