Disappointing Q2 Sales for QL

MALAYSIA - QL Resources reports slightly improved second quarter profits but this was thanks to its marine division; the company's largest division, integrated livestock, saw a 16 per cent drop in sales revenue compared to last year.
calendar icon 24 November 2009
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Integrated company, QL Resources, saw a slight increase in its second-quarter earnings, reports The Edge Financial Daily of Malaysia. Its net profit for the three months ending 30 September 2009 rose 3.4 per cent to 26.05 million ringgit (MYR), despite revenue falling to MYR337.17 million from MYR391.62 million a year earlier.

Earnings per share improved to 7.97 sen from 7.66 sen.

In the notes accompanying its quarterly results, the company said only its marine product manufacturing division managed to show improvement year-on-year.

"Sales increased for the marine product division due to higher contribution from fishmeal and deep sea fishing activities," QL Resources said, adding that its palm oil activities declined due to lower crude palm oil prices and prolonged low crop.

QL Resources' biggest revenue contributor – integrated livestock farming – saw sales decrease by 16 per cent from a year earlier due to lower unit value of raw material.

On a cumulative basis, net profit rose 3.5 per cent in the first half of 2009 to MYR48.36 million, while revenue shrank 8.3 per cent to MYR693.51 million.

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