Hup Seng Industries records lower net profit for FY18
Last update: 19/02/2019
KUALA LUMPUR, Feb 19 (Bernama) -- Hup Seng Industries Bhd recorded a lower net profit of RM42.96 million in the financial year ended Dec 31, 2018 (FY18) from RM44.45 million in the same period a year earlier.
The group is an investment holding company, in which its subsidiaries engaged in the manufacturing and the sale of biscuits and confectionery food items.
Hup Seng Industries said weaker net profit was mainly due to higher operating costs and lower revenue from the export market.
The weaker net profit was also impacted by the fluctuation of ringgit, especially in the first half of 2018.
Meanwhile, revenue for the period rose to RM307.37 million against RM299.67 million year-on-year.
“The group will continue to focus on improving the group’s performance by innovating products portfolio, broadening the distributor network to safeguard the group’s revenue and profitability,” Hup Seng Industries said in a filing to Bursa Malaysia today.
The group said it would continue enhancing its operating efficiency to mitigate the impact of higher input costs, adding that it witnessed some margin compression arising from costs pressures, amid continued growth in revenue.