Freight Management 4Q net profit falls 74%, declares 2.5 sen dividend

TheEdge Wed, Aug 21, 2019 01:31pm - 4 years View Original


KUALA LUMPUR (Aug 21): Freight Management Holdings Bhd's net profit for the fourth quarter ended June 30, 2019 tumbled 74.28% year-on-year to RM1.07 million from RM4.17 million, mainly due to higher share of losses from an associate in tug and barge services and impairment of its assets.

In a filing to Bursa Malaysia today, Freight Management said revenue for the quarter rose to RM142.96 million from RM129.89 million previously.

Earnings per share dipped to 0.38 sen from 1.49 sen previously.

The group declared a second interim dividend of 2.5 sen per share, payable on Nov 15.

For the financial year ended June 30, 2019 (FY19), Freight Management said its net profit fell to RM13.6 million from RM19.69 million a year ago, despite racking up a higher revenue of RM545.35 million versus RM511.58 million previously.

Reviewing its performance, the group said higher operating cost for third party logistics (3PL) and warehousing, and the ongoing costs for new distribution services also contributed to the lower profit during this financial quarter.

On its prospects, the group said it is optimistic on a positive performance for FY20.

"The group will continue to focus on expanding its customer base regionally and improving its cost management via operational efficiencies to mitigate the decelerating global economic outlook, which is partly exacerbated by the ongoing trade war between USA and China," it said.

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