KUALA LUMPUR, Oct 30 (Bernama) -- FACB Industries Incorporated Bhd (FACB) sees better prospects ahead as China’s economic recovery shows signs of improvement on more stimulus from the Chinese government.
“The Chinese government’s economic stimulus has gathered pace recently which will have a positive impact on the business," said FACB in its 2023 annual report.
The company is in the manufacturing and sale of bedding products in Malaysia and China.
However, the company remains cautious as “lower growth and elevated inflation define the near-term outlook” into 2024.
"External factors like rising interest rates, tighter financial conditions, exchange rate depreciation and weaker employment market have caused the erosion of consumer purchasing power.
“To counter the ill effects and negative market sentiment, aggressive promotions are planned to penetrate market centres and secondary towns.
"New mattress models at affordable pricing are developed in line with consumer expectation to capture those who are price sensitive," it added.
The company's flagship brand, Dreamland, has been awarded the Reader’s Digest Trusted Brand Award Gold, every year since 2009.
For the financial year ended June 30, 2023, the group's profit after tax declined 21.3 per cent to RM8.28 million compared to RM10.52 million in the previous financial year.
As of 2.32 pm, the share price of FACB was two sen higher at RM1.25.
-- BERNAMA
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