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Home->Fastener News->Chin Well warns of lower FY17 earningsYou are the 359895 visitors
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Chin Well warns of lower FY17 earnings

Penang-based Chin Well Holdings Bhd, a carbon fastener and wire rod producer, has warned that it is expecting a lower pre-tax profit for the financial year ended June 30, 2017 (FY17).

The first of four reasons it listed for the expected earnings decline was the global increase in the price of raw materials, particularly wire rod.

The imposition of safeguard duty by the Malaysian government on wire rod imported from China and shortages of direct labour in the manufacturing industries were two other reasons, according to its Bursa Malaysia filing today.

Lastly, it said its cumulative profit before tax in the first nine months of FY17 came in 10.2% lower at RM51.03 million, compared with the RM56.81 million it recorded in the corresponding period of FY16.

Its cumulative nine-month net profit was 12% lower at RM41.74 million compared with RM47.68 million last year.

Chin Well is due to release its fourth quarter result before end-August.

"Please note that the information in this announcement is only based on the preliminary assessments by the company on the currently available information," Chin Well said in the bourse filing.

Chin Well's announcement today was released in response to a report by a local weekly newspaper that said the company would remain profitable despite earnings slide.

"However, despite the expected drop in profits, the company (Chin Well) assures it is not likely to go into the red," read the report, quoting Chin Well's executive director Tsai Chi Yun.

Source: The Edge Markets

2017/8/24 16:05:00

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