Hovid Bhd 3Q net profit up 1.2% on year to RM5.15 mil

KUALA LUMPUR (May 30): Hovid Bhd net profit for the third financial quarter ended March 31, 2014 rose 1.2% to RM5.15 million from RM5.09 million in similar quarter a year ago. Revenue for the quarter rose to RM50.65 million versus RM45.93 million a year ago. The company attributed its rise in profit to increased revenue. For the full nine months, net profit fell 6% to RM13.39 million compared with RM14.25 million a year ago. Cumulative revenue for the nine months rose to RM135.49 million from RM131.94 million a year ago. The company said the reasons for its lowered nine months' profit were increases in operational costs and lower sales mix margins. The company issued a half a sen dividend per share. On prospects, the company expects its outlook to be satisfactory as it is actively securing new overseas markets and registering new products. It added that it would continue to enhance its competitive edge by placing emphasis on research and development to improve its production processes.