Tuesday, October 25, 2011

Supermax 3Q earnings slump 18.9% to RM30.91m

KUALA LUMPUR: SUPERMAX CORPORATION BHD []’s net profit fell 18.9% to RM30.91 million in the third quarter ended Sept 30, 2011 from RM38.11 million a year ago, affected by the higher natural rubber and nitrile latex prices.

It said on Monday, Oct 24 although profitability is lower than last year, “we are seeing positive signs for a rebound after recording a second consecutive quarter of core profit growth”. It said natural rubber latex prices fell from a high of RM10.87 per kg wet in April 2011 to RM7.91 as at Oct 21.

Supermax’s revenue was however higher at RM271.42 million, up 15.4% from RM235.10 million from a year ago. Earnings per share were 9.09 sen compared with 11.24 sen. It declared a dividend of 3.0 sen per share.

It added the higher revenue was because it benefited from a full quarter contribution from new lines commissioned in the final two weeks of the corresponding quarter last year.

For the nine-month period, earnings fell 42.5% to RM77.86 million from RM135.44 million. Revenue rose 8.7% to RM750.71 million from RM690.58 million.

However, it expected earnings to range between RM100 million and RM120 million for the financial year ending Dec 31, 2011.

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