KUALA LUMPUR: Teo Seng Capital Bhd is confident of delivering a sustainable financial result for the remaining quarter of 2023.
The egg producer, posted a net profit of RM43.83mil in the third quarter ended Sept 30, 2023, which is an impressive leap above RM516,000 recorded in the same quarter in 2022.
Basic earnings per share rose to 14.94 sen in 3QFY23 from 0.18 sen in the comparative quarter.
The group reported revenue of RM200mil, up from RM166.58mil in the same 2022 quarter as the poultry farming segment benefited from the higher average selling price and sales quantity of eggs.
In addition, it said the government's subsidy on eggs cushioned the impact of high feed costs.
Over the nine months period, Teo Seng recorded a net profit of RM88.92mil compared to RM8.61mil in 9MFY22, while revenue rose to RM561.13mil from RM471.32mil previously.
Moving forward, Teo Seng said the high global interest rates and depreciation of the ringgit continue to pose challenges for the poultry industry.
"However, with our expertise management team coupled with proactive implementation of strategies, the board of directors are positive that the group will continue to deliver sustainable financial result for the remaining period ending Dec 31, 2023," it said in a filing with Bursa Malaysia.