Posted by Jimmy Song > 2017-02-27 19:55 | Report Abuse

Kim Teck Cheong Consolidated Berhad (“KTC” or the “Group”) today announced its second quarter results for the financial year ending 30 June 2017 (“Q2FY2017”) with a RM30.28 million increase in revenue from RM84.27 million for the preceding year’s corresponding quarter to RM114.55 million for Q2FY2017. The 35.94% increase in revenue was mainly due to the commencement of distribution of third party brands of consumer packaged goods (“CPG”) for Procter & Gamble (Malaysia) Sdn Bhd (“P&G”) in Sarawak. The Group posted a profit attributable to the owners of the company (“Profit”) of RM0.91 million for Q2FY2017 as compared to RM0.08 million for the preceding year’s corresponding quarter. 1st Half of financial year ending 30 June 2017 (“1st Half FY2017”) For the 6 months period ended 31 December 2016, the Group recorded total revenue of RM203.41 million which represents an increase of RM40.50 million or 24.86% as compared to 1st Half FY2016 of RM162.91 million. This is mainly due to higher revenue contribution from distribution of third party brands of CPG with an increase of RM41.76 million or 26.89% as compared to 1st Half FY2016. Despite the Group’s higher revenue in the 1st Half FY2017, KTC recorded RM1.16 million of Profit for 1st Half FY2017 which is 24.50% lower as compared to RM1.54 million for 1st Half FY2016, due to the one-off gain on bargain purchase amounting to RM1.83 million (“One-Off Gain”) which was included in the Profit for 1st Half FY2016. On a normalised basis, the Group’s core profit before tax (“PBT”) for 1st Half FY2017 would have been 140.99% higher than the PBT for 1st Half FY2016. “I am pleased with the Group’s revenue growth, especially in the Sarawak region given that we had begun distributing P&G products only in October 2016. On a separate note, I am confident that we will continue to secure more distributorships for third party brands of CPG and continue to enhance shareholders’ value.” commented Mr. Dexter Lau, Executive Director of KTC.