PETALING JAYA: Malayan Flour Mills Bhd (MFM) is seeing a recovery in its earnings with the increase in selling prices and lower wheat costs.

AmInvestment Bank Research said the MFM’s net profit for the first quarter of financial year 2019 (FY19) was within its forecast, on the back of earnings recovery of the company’s flour and poultry divisions.

MFM recorded a net profit of RM19.87mil for the first quarter compared with RM1.6mil in the same quarter of the preceding year.

“MFM’s effective tax rate was also low at 15.3% in the first quarter due to tax incentives in Vietnam,” the research house said in a note.

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