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Hai-O FY13 net profit jumps 39%
Jun 27, 2013
Source: The Sundaily
 

PETALING JAYA (June 27, 2013): Hai-O Enterprise Bhd's net profit for the fourth quarter ended April 30, 2013 (Q4 FY13) rose 8% to RM10.09 million from RM9.34 million a year ago, boosted by increased sales of higher margin products.

Revenue grew 4% to RM72.07 million from RM69.57 million.

Hai-O improved performance in the last quarter lifted its FY13 net profit to RM47.43 million, or 39% higher, from RM34 million achieved a year ago.

Revenue also increased 12% to RM267.92 million from RM239.53 million.

The group has proposed to pay a final dividend of 8 sen a share, bringing its total payout for FY13 to 14 sen a share.

Shares in Hai-O climbed 7 sen, or 2.8%, higher to close at RM2.62 yesterday. The results were released after the market closed.

The group sees "another challenging year ahead" due to the uncertainty in the global economy, but expects the group to remain profitable.

"The group will be embarking on new product development, effective product training for

distributors and growth in new membership,'' it said, adding that it has secured exclusive agency rights for new branded Chinese medicated tonics.

But the multi level marketing company is wary about future profit margins as the ringgit weakens.

"Should the exchange rate of the ringgit against the US dollar currency continuously weakens, profit margin will be affected negatively,'' it added.