CORP BRIEF: Karex, Hap Seng Plantations, Dutch Lady and EcoWorld

by TMR / pic by TMR FILE

Karex posts RM3.2m net loss

KAREX Bhd’s earnings in the third quarter ended March 31, 2021 (3Q21), widened to RM3.17 million against RM1.13 million net loss a year ago due to disruptions to the global logistics network and the implementation of the Movement Control Order 2.0. Revenue fell to RM95.6 million from RM99.15 million while loss per share for the quarter stood at 30 sen. The group continued to incur Covid-19-related expenses coupled with additional unavoidable operational cost of RM3 million caused by the reduced output for its Malaysian manufacturing facilities. These effects were further compounded by higher shipping and air freight charges of RM3.5 million putting pressure on the group’s profitability, resulting in a loss before tax of RM 4.1 million for the quarter.

Hap Seng Plantations’ 1Q21 profit rises to RM29m

HAP Seng Plantations Holdings Bhd posted a net profit of RM29.37 million in the first quarter ended March 31, 2021 (1Q21), compared to a net loss of RM6.02 million recorded in the corresponding quarter. Quarter revenue was increased to RM121.32 million mainly attributed to higher average selling prices realisation of crude palm oil and palm kernel in spite of lower sales volume of both products. Earnings per share for the current quarter was 3.67 sen versus loss per share of 0.75 sen previously. In a bourse filing, the group said it expects the financial year to be influenced by movements in commodities prices and the uncertainties in the global economic environment caused by the prolonged Covid-19 pandemic.

Dutch Lady posts RM16m net profit

DUTCH Lady Milk Industries Bhd posted a lower net profit of RM16.8 million for the first quarter ended March 31, 2021, compared RM22.73 million posted in the period a year ago. In a filing to Bursa Malaysia yesterday, Dutch Lady revenue for the quarter increased to RM258 million on the back of a higher demand of its products and optimisation of overheads and commercial spend that were more than offset by negative mix and increased prices of global dairy raw materials.

EcoWorld records RM2b sales in 1H21

ECO World Development Group Bhd (EcoWorld) achieved RM2.02 billion sales in the first half of 2021 (1H21). In a filing yesterday, the property developer noted the group recorded stronger sales in the second quarter ended April 30, 2021 (2Q21), with RM1.3 billion sales achieved, compared to the RM706 million it recorded in the immediate preceding quarter. The RM2.02 billion already locked in for 1H21 is a positive lead indicator of continued steady cash inflows from operations.