Hup Seng Q2 net profit at RM8.8mil


The biscuit and confectionery manufacturer attributed the decline in earnings to poorer margin in certain segments and higher input costs.

PETALING JAYA: Hup Seng Industries Bhd’s net profit fell 2.3% to RM8.8mil for the second quarter ended June 30, from RM9mil in the corresponding quarter last year.

The biscuit and confectionery manufacturer attributed the decline in earnings to poorer margin in certain segments and higher input costs.

During the quarter in review, its revenue grew 2.5% to RM71.4mil from RM69.7mil in the previous corresponding period, driven by domestic sales, while its earnings per share (EPS) slid to 1.1 sen from 1.12 sen previously.

Hup Seng declared an interim dividend of two sen per share.

Its domestic sales grew 8% year-on-year (y-o-y), mainly from retail, wholesale and modern channel. Its export market fell 14% y-o-y, mainly from China, Saudi Arabia, Indonesia, Mauritius and Ghana.

For the six months ended June, Hup Seng’s net profit fell 3.13% y-o-y to RM18.5mil, and its EPS fell to 2.31 sen from 2.38 sen, while its revenue rose 5% y-o-y to RM152.3mil.

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