Apollo Food’s Q4 net profit down by 73%

2. Apollo snacks: It had soft spongy cakes in chocolate, pandan, strawberry, and blueberry flavours.There was also Apollo wafers, you know the thick wafer in the red packet or the thin chocolate finger wafers that come in a gold wrapper.

PETALING JAYA: Apollo Food Holdings Bhd posted a 73.2% plunge in net profit to RM1.75mil in the fourth quarter ended April 30, 2016 from RM6.54mil a year ago.

In a Bursa filing on Tuesday, the company said the fall in earnings was due to the provision of impairment loss on one of leasehold buildings, annual salary increments and foreign exchange losses.

Earnings per share stood at 2.19 sen from 8.17 sen previously.

Apollo expects that its operating environment would be tougher in both the current and coming financial years in view of the increase in costs of raw materials and the volatility of the ringgit against foreign currencies.

“The market will remain competitive especially in maintaining input costs so the margin will not be adversely affected by market conditions,” it said.

Despite the expected challenges, Apollo said that the company would be able to maintain its market position by implementing prudent measures and improving operational efficiency to safeguard the group’s profitability.

“By focusing on products and services quality, the group is optimistic that it will continue to achieve satisfactory result in the coming year,” it said.

Apollo posted a marginal increase in its revenue for the fourth quarter to RM53.14mil from RM52.58mil in the same corresponding quarter last year due to recovery in its Indonesian operation.

“The recovery of Indonesia sales in the middle of current quarter had brought positive impact to the group’s revenue.

“However, due to fluctuation of foreign currency exchange rate, we had incurred both realised and unrealised foreign exchange loss in this quarter,” Apollo said.

For the full financial year ended April 30, Apollo posted a 17.8% increase in net profit to RM29.78mil from RM25.29mil last year. 

Revenue for the period slipped to RM208.19mil from RM212.63mil previously. Apollo declared a first and final dividend of 30 sen for FY16, higher than last year’s 25 sen a share. 

This would give about 5.3% of dividend yield based on Apollo’s closing price of RM5.68 a share on Tuesday.