Leong Hup’s Q1 net profit rises to RM60.59 million

KUALA LUMPUR, Leong Hup International Bhd’s net profit for the first quarter (Q1) ended March 31, 2019, rose to RM60.59 million from RM52.69 million during the same period last year.

Revenue increased 11.9 per cent to RM1.51 billion from RM1.35 billion previously.

In a filing with Bursa Malaysia today, Leong Hup said for the quarter under review, the livestock and poultry-related products segment recorded a 2.7 per cent improvement to RM859.65 million from RM837.17 million recorded in same quarter last year.

The rise in revenue was primarily due to an increase in the sales volume and average selling price of eggs in Malaysia and an increase in the average selling price of broiler day-old-chicks in Indonesia, it said.

Meanwhile, revenue from the feedmill segment grew 27.0 per cent to RM643.63 million compared with RM506.67 million previously, driven by the increase in sales volume and average selling livestock feed price in Indonesia and Vietnam.

With a number of expansion plans in the pipeline, we are optimistic the group will be able to achieve a positive result for the 2019 financial year, said executive director and group chief executive officer Tan Sri Lau Tuang Nguang.

Leong Hup will be listed on the Main Market this Thursday.

Source: BERNAMA (News Agency)