NTPM founder takes on chairman role; 3Q net profit down 64%

TheEdge Fri, Mar 29, 2019 11:29pm - 5 years View Original


KUALA LUMPUR (March 29): NTPM Holdings Bhd founder and managing director Lee See Jin has taken on an additional role as executive chairman of the group effective immediately.

In a filing with Bursa Malaysia today, NTPM said Lee, 80, has been in the paper industry for more than 40 years. Over these years, he has gained in-depth experience and knowledge of the paper industry in Malaysia.

He is a director of all subsidiaries of NTPM and is the father of Lee Chong Choon, an executive director and a major shareholder of the group.

In a separate filing, NTPM reported a 64% decline in net profit to RM3.62 million for the third financial quarter ended Jan 31, 2019 (3QFY19) from RM10.05 million a year ago, mainly due to higher raw material, labour and energy costs.

This resulted in a lower earnings per share of 0.3 sen for 3QFY19 compared with 0.9 sen for 3QFY18.

Quarterly revenue, however, rose 8% to RM195.53 million from RM180.99 million in 3QFY18.

For the cumulative nine months (9MFY19), the group's net profit more than halved to RM13.82 million from RM28.53 million in 9MFY18, even though revenue increased 3.7% to RM545.88 million from RM526.41 million a year ago.

On prospects, NTPM said it is cautiously optimistic about its prospect as the market competition is expected to be more challenging in FY19.

However, with its well-established product offerings, supported by its comprehensive distribution and marketing channels, the group foresees that it would continue to grow organically in its existing markets

"The key focus in FY19 is to increase production of tissue paper in order to fulfill the increasing demand in Southeast Asia and other export markets," it added.

NTPM shares closed down 0.5 sen or 1% at 49.5 sen today, with 50,000 shares traded, giving it a market capitalisation of RM561.6 million.

 

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