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BUSINESS

Leong Hup’s net profit slips to RM113 mln in FY20 

23/02/2021 07:54 PM

KUALA LUMPUR, Feb 23 -- Leong Hup International Bhd’s net profit for the financial year ended Dec 31, 2020 (FY20) slipped to RM113.15 million from RM150.58 million in the previous financial year.

Revenue decreased marginally to RM6.04 billion from RM6.05 billion previously.

However, on a quarterly basis, Leong Hup International’s net profit almost doubled to RM52.56 million in the fourth quarter of FY20 against RM29.53 million in the same quarter of FY19 while revenue for the quarter rose 4.1 per cent to RM1.61 billion from RM1.54 billion in the same quarter previously.

In a statement today, executive director/group chief executive officer Tan Sri Lau Tuang Nguang said revenue for the livestock and poultry related products segment increased 2.9 per cent to RM899.55 million due to stronger average selling price (ASP) and sales volume of day-old-chicks in its operations in Indonesia as well as improvement in sales volume and higher ASP of eggs in Vietnam.

On prospects, he said the company is geared towards the imminent recovery in consumption and demand while undertaking a strategic review and pacing of its capital expenditure vis-a-vis shifts in demand and supply conditions amid heightened volatility.

“Economic activities are slated to normalise in 2021 now that the COVID-19 vaccination programme in most countries has been unveiled.

“The company has fortified itself by investing in its downstream operations while unlocking further benefits of vertical integration along the poultry value chain,” he added.

-- BERNAMA



 

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