Teo Seng Capital Q1 net profit jumps 234% to RM22m

Poultry companies such as Huat Lai benefit from weaker ringgit when they export their eggs to Singapore.

KUALA LUMPUR: Teo Seng Capital Bhd net profit and revenue jumped in the first quarter ended March 31, 2019, boosted by its poultry farming business.

It announced on Thursday that net profit surged 234% to RM22.09mil from RM6.61mil a year ago.

Its pre-tax profit rose by 239% to RM29.17mil from RM8.59mil. Its revenue increased by 30.7% to RM150.52mil from RM115.07mil. 

Earnings per share were  7.37 sen compared with 2.20 sen. Teo Seng rewarded shareholders with a dividenf of three sen a share.

For its poultry farming, its revenue increased by 35.1% to RM135.85mil due to continued stable selling price of eggs coupled with the improved production efficiency. 

“In line with the improvement in revenue, poultry segment recorded an impressive profit before tax of RM28.68mil in the current quarter under review,” it said.

As for its investment and trading segment, despite the stable revenue of  RM14.67mil, profit before tax fell by 65.1% to RM497,000 mainly due to the higher operating expenses.