LATITUD (7006) - Latitude Tree 2Q profit soars 44% to RM27m
KUALA LUMPUR (Feb 12): Latitude Tree Holdings Bhd’s net profit for the second quarter ended Dec 31, 2014 (Q2FY15) increased 44.4% to RM27.4 million or 28.19 sen per share, despite a marginal 2.5% climb in revenue to RM189.1 million.
The furniture manufacturer said in an announcement with Bursa Malaysia that the higher profit was mainly due to higher orders received in the quarter, strengthening of US Dollar against Ringgit Malaysia and improved productivity.
For the six months period ended Dec 31, 2014, the group posted a net profit of RM44.05 million — an increase of 31.19% from a year earlier period. Revenue was mostly flat at RM364.82 million, from RM361.49 million previously.
Latitude (fundamental score: 2.1; valuation score: 1.8) said it will continue to take a cautious approach in its business strategy, especially in managing rising labour costs.
“Continuous efforts will also be taken to strengthen our operations, in order to improve productivity and to maximise profit margin. Barring unforeseen circumstances, the board is confident that the group will continue to remain profitable for the financial year ending June 30, 2015,” said the company.
Latitude closed 5.03% higher at RM5.01 today, translating into a market capitalisation of RM489.93 million.
http://www.theedgemarkets.com
KUALA LUMPUR (Feb 12): Latitude Tree Holdings Bhd’s net profit for the second quarter ended Dec 31, 2014 (Q2FY15) increased 44.4% to RM27.4 million or 28.19 sen per share, despite a marginal 2.5% climb in revenue to RM189.1 million.
The furniture manufacturer said in an announcement with Bursa Malaysia that the higher profit was mainly due to higher orders received in the quarter, strengthening of US Dollar against Ringgit Malaysia and improved productivity.
For the six months period ended Dec 31, 2014, the group posted a net profit of RM44.05 million — an increase of 31.19% from a year earlier period. Revenue was mostly flat at RM364.82 million, from RM361.49 million previously.
Latitude (fundamental score: 2.1; valuation score: 1.8) said it will continue to take a cautious approach in its business strategy, especially in managing rising labour costs.
“Continuous efforts will also be taken to strengthen our operations, in order to improve productivity and to maximise profit margin. Barring unforeseen circumstances, the board is confident that the group will continue to remain profitable for the financial year ending June 30, 2015,” said the company.
Latitude closed 5.03% higher at RM5.01 today, translating into a market capitalisation of RM489.93 million.
http://www.theedgemarkets.com
