PETALING JAYA: Japan’s NH Foods Ltd has ceased to be a substantial shareholder in poultry company Lay Hong Bhd
.
In a filing with Bursa Malaysia, Lay Hong said NH Foods had disposed of 62.32 million shares via an off-market move. Lay Hong shares closed 2.5% lower to 39 sen.
For the first quarter ended June 30, 2024, Lay Hong’s net profit jumped to RM13.39mil from RM4.02mil in the previous corresponding period, while revenue rose to RM273.82mil from RM258.02mil a year earlier.
In a filing with Bursa Malaysia on its first-quarter earnings performance, Lay Hong said that with the recent easing of the prices of major raw materials such as corn and soy bean, coupled with the recent strengthening of the ringgit, the input cost of the group has reduced.
“This scenario will be positive for the group going forward,” it said.
