KUALA LUMPUR (Aug 17): Teo Seng Capital Bhd reported another loss in the second quarter ended June 30, 2021 (2QFY21) on lower poultry revenue contribution and higher raw material commodity prices.

The group, which has been in the red since 4QFY20, posted a net loss of RM10.53 million in 2QFY21, compared with a net profit of RM3.18 million in the same quarter last year.

Quarterly revenue fell 2.26% to RM118.02 million, from RM120.75 million a year ago, the poultry group said in a Bursa Malaysia filing.

Teo Seng said that despite an increase in sales volume, its poultry farming segment recorded a lower revenue of RM194.5 million and pre-tax loss of RM22 million mainly due to lower egg price and higher feed production cost.

The group did not declare any dividend for the latest quarter.

For the first-half of FY21, the group recorded a net loss of RM11.33 million, compared with a net profit of RM5.09 million in the previous January-June period, while revenue declined 1.38% to RM233.47 million from RM236.73 million.

Teo Seng expects its financial performance to remain challenging in the second half of FY21 due to improved selling price of eggs.

The better egg prices, it said, partially offset the increase in feed price coupled with the group’s proactive measures in mitigating the possible impacts to its financial position and operations.

Teo Seng’s share price closed 0.5 sen or 0.7% higher at 71.5 sen, valuing the group at RM213 million.