Zhulian posts two-fold jump in quarterly net profit

Zhulian staff working on jewellery engravings. - File pic

PETALING JAYA: Zhulian Corp Bhd’s net profit more than doubled to RM26.15mil for the first quarter ended Feb 28, 2022 (1Q22) from RM12.11mil in the corresponding quarter of the preceding year on gains from disposal of a leasehold land in Indonesia.

It declared a first interim dividend of three sen per share.

During the quarter in review, the company, which principally manufactures jewellery and consumer products and sells them through a direct marketing network, posted revenue of RM34.57mil.

This represented a decrease of 17% from the revenue of RM41.45mil in 1Q21 due to overall weak consumer sentiment amid the prolonged Covid-19 pandemic.

Its earnings per share rose to 5.21 sen for 1Q22 from 2.79 sen in 1Q21.

Commenting on its prospects for the remaining quarters of FY22, Zhulian said its business was closely linked to the sentiment of general consumer market and the fluctuating foreign currency exchange.

The strengthening or weakening of the ringgit against US dollar would have an impact on the group’s performance as its export revenue is transacted in US dollar.

“The group ensures its business long-term survival by adapting to the constant market demand change while it remains cautious on the economic impact caused by prolonged Covid-19 pandemic.

“The group is committed to continuously improving its business operational efficiency and maintaining sufficient cash flows in FY22,” it added.

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