KUALA LUMPUR, Feb 25 -- Dutch Lady Milk Industries Bhd’s (DLMI) net profit for the financial year ended Dec 31, 2020 (FY20) fell to RM73.36 million from RM102.96 million posted a year ago.
Revenue, however, rose to RM1.10 billion from RM1.07 billion previously, it said in a filing with Bursa Malaysia today.
DLMI said despite the uncertainties due to the COVID-19 pandemic and its effects on the economy, the company has been able to operate at full capacity and drive the penetration of milk consumption.
It said the stricter Movement Control Order measures taken by the government at the start of 2021 had especially impacted the foodservice business.
“Additionally, the continued global uncertainty could impact foreign exchange and prices of global dairy raw materials,” it said.
Over the long term, DLMI said the outlook for the company remained positive due to the strength of its brands, and the increasing need for and recognition of the goodness and nutritional value of milk among Malaysians.
“DLMI will continue to strive to improve operational efficiency to stay agile and adapt to macro-economic changes,” it said, adding that in December last year, the company had announced plans to invest RM340 million between 2021 and 2025 for its future manufacturing activities.
-- BERNAMA
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