Sin Chew net profit beats prospectus forecast

SIN Chew Media Corp Bhd's net profit of RM59.8mil for the financial year ended March 31 exceeded its prospectus forecast by 9.3%. Its prospectus estimated net profit of RM54.67 mil. 

The company, which released its full-year results to Bursa Malaysia yesterday, posted sales of RM409.5mil. No figures for year-on-year comparison were given as the company made its debut on the main board on Oct 18, 2004. 

On a quarterly basis, Sin Chew's sales fell in the fourth quarter to RM109.5mil from RM110.3mil in the third. Net profit was also lower at RM11.8mil against RM18.1mil in the third quarter. 

It said the quarter-on-quarter decline in net profit was due to the provision for deferred taxation liability and higher operating cost. 

It expects positive performance in the next financial quarter on the back on the country's improved economy and the expected growth in advertising expenditure. 

A research head at a local brokerage said the company's results were not “particularly outstanding”. He said it was trading at a price/earnings (PE) ratio of 13 times, which was lower than Star Publications (M) Bhd's PE of 15 times. 

 SINCHEW :  [Stock Watch]  [News]

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