Hock Lok Siew Corporation Bhd Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2010; Provides Earnings Guidance for the Year 2011
02/28/2011
Hock Lok Siew Corporation Bhd reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2010. For the quarter, the company reported revenue of MYR 6.82 million compared to revenue of MYR 4.39 million last year. Profit from operations was MYR 0.24 million compared to loss from operations of MYR 1.86 million last year. Profit before tax was MYR 0.18 million compared to loss before tax of MYR 1.92 million last year. Profit attributable to equity holders of the company was MYR 0.18 million or 0.19 sen per basic share compared to loss attributable to equity holders of the company of MYR 1.92 million or 2.11 sen per basic share last year. For the year, the company reported revenue of MYR 21.30 million compared to revenue of MYR 17.11 million last year. Loss from operations was MYR 0.69 million compared to MYR 6.49 million last year. Loss before tax was MYR 0.92 million compared to MYR 6.70 million last year. Loss attributable to equity holders of the company was MYR 0.92 million or 1.01 sen per basic share compared to loss attributable to equity holders of the company of MYR 6.70 million or 7.85 sen per basic share last year. Net cash used in operating activities was MYR 2.59 million compared to net cash generated from operating activities of MYR 1.39 million last year. Purchase of property, plant, equipment was MYR 0.36 million compared to MYR 3.12 million last year.While there are signs of recovery in the 2011, the global outlook remains cautious. As the group is seeking alternative strategies and is aggressively taking initiatives to diversify, baring unforeseen circumstances, the company Board of Directors expects to see improvements in its operations in the coming year.
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