http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_7cd1e8a8-cb73c03a-1d4d4930-8489ae34
26-11-2007: Tong Herr Resources 3Q profit falls 26.5% to RM15.2m
KUALA LUMPUR: Tong Herr Resources Bhd’s net profit for the third quarter ended Sept 30, 2007 fell 26.5% to RM15.23 million from RM20.71 million last year due to the high cost of raw materials purchased in the preceding half year and also the lower selling price of goods during the quarter.
In a statement yesterday, the company said revenue surged 57.7% to RM139.11 million from RM88.22 million in 3QFY06 while earnings per share fell to 11.95 sen from 16.26 sen last year. It added that compared to 2QFY07, the company’s revenue of RM139.1 million and RM21.6 million profit before tax were lower from RM139.5 million and RM35.89 million respectively, due to a lower demand of its product and the higher cost of raw materials purchased in the preceding quarters. Tong Herr declared a lower dividend of 10 sen in 3QFY07 compared with 16 sen last year, it said. For the nine months to Sept 30, 2007, the company said net profit rose almost 60% to RM58.89 million from RM36.92 million last year while revenue almost doubled to RM389.99 million from RM199.63 million. Earnings per share rose to 46.21 sen from 28.98 sen last year, it added.
“The group will further focus on the core business besides continuing to improve operating efficiency and control costs in order to improve performance as well as to seek out new areas to market its product,” it said.
Tong Herr manufactures stainless steel fasteners, including nuts, screws, bolts, bars, threaded rods and other threaded items.
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