KUALA LUMPUR, Nov 29 (Bernama) -- Leong Hup International Bhd returned to the black with a net profit of RM67.31 million in the third quarter ended Sept 30, 2022 (Q3 2022) compared to a net loss of RM53.42 million in the corresponding quarter last year.
Revenue in the quarter under review also rose to RM2.36 billion, or a 31 per cent increase, from RM1.81 billion previously.
In a filing with Bursa Malaysia today, the company said the higher revenue recorded was driven by higher contributions from livestock and poultry-related products and the feedmill segments.
It said that for the livestock and poultry-related products segment, all operating countries contributed to the higher revenue in the current quarter except Singapore.
“The main contributor was Vietnam which was primarily due to the higher average selling price and sales volume of broiler chickens.
“This is followed by Indonesia due to higher average selling price, and sales volume of broiler chickens and day-old-chicks, while the Philippines’ increase was mainly from the higher average selling price and sales volume of broiler chickens,” it said.
For the feedmill segment, the company said the revenue growth was caused by the higher average selling price and sales volume in Indonesia and Malaysia.
On prospects, Leong Hup said that demand has improved but the high cost of raw materials and the attempts by governments to manage food inflation have created uncertainties for its financial performance.
Barring unforeseen circumstances, the group expects to achieve a satisfactory performance for the rest of the year.
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