Homeritz's 4Q net profit up 61.28% on higher revenue

TheEdge Wed, Oct 28, 2020 06:54pm - 3 years View Original


KUALA LUMPUR (Oct 28): Homeritz Corp Bhd's net profit for the fourth quarter ended Aug 31, 2020 (4QFY20) rose 61.28% to RM7.2 million from RM4.46 million, thanks to higher revenue and lower material prices.

In a bourse filing, the group announced that its revenue for 4QFY20 rose 37.79% to RM46.38 million, from RM33.66 million.

Earnings per share rose to 2.4 sen from 1.49 sen.

The group proposed a final single-tier tax exempt dividend of 1.5 sen per ordinary share.

The group said the improvement of profit was mainly attributed to the higher revenue achieved and lower unit prices of certain materials compared to FY19.

For the full FY20 ended Aug 31, 2020, the group's net profit grew 6.56% to RM23.58 million, from RM22.12 million a year ago. Its revenue also increased by 5.18% to RM155.37 million, from RM147.71 million a year ago.

According to Homeritz, the outlook for 2020 remains challenging and uncertain as the full impact of the Covid-19 pandemic has not been ascertained.

However, it believes the group would remain profitable in the financial year ending Aug 31, 2021.

It said the group will continue to remain focused on its core business of design, manufacture, and sale of upholstered home furniture which include upholstered sofas, upholstered dining chairs and upholstered bed frames.

"The group is continuing with concerted efforts to develop new products, new design for existing products, derive better cost efficiencies and effective cost management across all functions," it added.

At 5pm, Homeritz closed up two sen or 2.4% to 85.5 sen, valuing it at RM256.52 million.

The content is a snapshot from Publisher. Refer to the original content for accurate info. Contact us for any changes.






Related Stocks

HOMERIZ 0.525

Comments

Login to comment.