Pensonic narrows net losses in fourth quarter to RM1.5m

  • Business
  • Wednesday, 31 Jul 2013

the Pensonic plant in Prai

KUALA LUMPUR: Pensonic Holdings Bhd narrowed its losses to RM1.49mil in the fourth quarter ended May 31, 2013 from the net losses of RM12.85mil a year ago on higher gross profit margin.

It said on Wednesday group revenue increased 10.4% to RM99.62mil from RM90.27mil a year ago. Loss per share was 2.0 sen compared with loss per share of 14 sen.

"Gross profit margin has increased to 17% as compared to gross profit margin of 6.3% in the preceding corresponding period," it said, explaining the narrower net losses.

When  compared with the quarter ended Feb 28, 2013, it said group revenue rose 20% to RM99.62mil from RM82.9mil as the increase in turnover in the fourth quarter "was mainly due to the increase in local market demand during the Hari Raya festival".

However, Pensonic pointed out the fourth quarter was weaker than the third quarter, despite the increase in group revenue.

"This was mainly due to year-end adjustments on provisional expenses, i.e. dealers' rebates/incentives of RM600,000, stocks written down of RM1.1mil," it said.

For the financial year ended May 31, 2013, it posted net profit of RM3.85mil compared with the previous financial year's net losses of RM10.61mil. Revenue rose to RM362.52mil from RM348.64mil.

Earlier in July,  Pensonic proposed a two-for-five bonus issue and also a rights issue of 64.83 million warrants to raise gross proceeds of up to RM45.38mil.

It announced the proposed bonus issue of 37.04 million new shares of 50 sen on the basis of two bonus shares for every five shares held.

As part of the fund raising exercise, it proposed a renounceable rights issue of 64.83 million warrants at an indicative issue price of 10 sen per warrant. This would be on the basis of one warrant for every two shares held after the proposed bonus issue.

Pensonic said based on the indicative issue price of the warrants of 10 sen each, the proposed rights issue of warrants would raise gross proceeds of up to RM6.48mil.

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