Leon Fuat Bhd executive director Calvin Ooi Shang How
KUALA LUMPUR: Leon Fuat Bhd
is optimistic about its long-term prospects and remains dedicated to sustainable and strategic business practices, according to executive director Calvin Ooi Shang How.
“As we continue to navigate the market dynamics, our focus remains on enhancing shareholder value and expanding our market footprint through strategic initiatives and capabilities. We are optimistic about our long-term prospects and remain dedicated to sustainable and strategic business practices,” he said in a statement.
Leon Fuat’s net profit fell 23.4% to RM8.2mil in the first quarter ended March 31 compared with RM10.7mil posted last year.
Revenue for the period fell to RM10.8mil against RM12.9mil a year ago while earnings per share dropped to 2.41 sen from 3.15 sen previously.
The decrease was primarily due to reduced revenue from both the trading and processing segments of steel products, which saw declines of 4.1% and 3.6% respectively.
“Our financial results for 1Q24 reflect Leon Fuat's strategic adaptability and operational resilience in a challenging market environment. The consistent profit margins and improved gross profit compared with the immediate preceding quarter underscore our commitment to efficiency and financial discipline,” Ooi said.
