Apollo shares down after net profit falls 27%

KUALA LUMPUR: Shares of Apollo Food Holdings fell after its second quarter net profit fell 27% to RM4.8mil despite revenue climbing 6.5% to RM51.4mil.

At 10.02am, Apollo fell 11 sen to RM4.24 with 30,000 shares done between RM4.24 and RM4.25.

The FBM KLCI was up 3.05 points to 1,747.10. Turnover was 429.39 million shares valued at RM221.63mil. There were 156 gainers, 326 decliners and 203 counters unchanged.

The company said it had experienced increased demand from both the export and local market. However, the higher cost of materials ate into profits.

Apollo Food said the operating environment was expected to remain challenging and competitive, but it was optimistic that the performance of the group would continue to remain profitable.