Fastener Shanghai
fastener
fastenerHomefastener
fastener
fastenerNewsfastener
fastener
fastenerfastenerBuyers' Guidefastener
fastener
fastenerStandard Searchfastener
fastener
fastenerFor Buyersfastener
fastener
fastenerFor Suppliersfastener
fastener
fastenerMagazinefastener
fastener
fastenerTrade Showsfastener
fastener
fastenerMy Officefastener
fastener
fastenerPost Inquiriesfastener
Home->Fastener News->Chin Well warns of lower FY17 earningsYou are the 533408 visitors
Views:1525   |   recommendation:   |   Votes:0   |   Discuss:0
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

Previous:    Construction of first phase of Thailand-China railway project to start in October
        Next:    Watermill Group acquires UK-based industrial fastener supplier, Cooper & Turner

Recent Related News
Sundram Fasteners Q2 profit up 22% to Rs 1.10 bn, revenue crosses Rs 10 bn--2018-12-10
Anixter International Inc. Names New Member to Board of Directors--2018-12-04
Dongtai Huawei to Exhibit at Vietnam International Exhibition on Hardware & Hand Tools 2018--2018-12-03
NORMA Group with strong organic sales growth in the first nine months of 2018--2018-11-26
Lawson Products Expands in Canada--2018-11-22
BOSSARD GROUP BUYS 49% STAKE IN 3D-PROTOTYP, EXPANDS INTO 3D PRINTING INDUSTRY--2018-11-13
Caterpillar says tariffs increasing costs, stock tumbles--2018-11-05
YuYao No. 2 Standard Fastener/YuYao Biaoer: A Reliable Partner For Eyebolts--2018-11-02
Bossard Continues Sales Growth in Third Quarter 2018--2018-10-31
Strong manufacturing economy helps Fastenal's earnings--2018-10-31
Shanghai Fast-Fix: To Be the Preferred Supplier of Fastening Solutions to Automotive Industry Worldwide--2018-10-26
Dongtai Huawei: One-Stop Supplier of Stainless Steel Fasteners--2018-10-21

Vote for this news?

fastener(Very Good)
fastener(Good)
fastener(Normal)
fastener(Bad)
fastener(Very Bad)


Discuss
More Discuss...
Your Name: Anonymous

Enter the code shown:fastener1fastener

Fastener Trade Show Suzhou


China Fastener Directory
Get it FREE!
fastener
Get your CFD at the following shows:

•M-Tech Tokyo, Feb 6-8, 2019, Tokyo, Japan

•WIN EurAsia, Mar 14-17, 2019, Istanbul, Turkey

•Fastener Fair Stuttgart, Mar 19-21, 2019, Stuttgart, Germany



Show Room



Offer Product

Latest News
• China Fastener Info Exhibits at Wire India 2018

• China's industrial sector maintains stable operation: survey

Buyers' Guide
Company News

• Donglong Metal Mold Machinery: Focus on Quality, Talents and Brand

• Dongtai Huawei Standard Component Corporation: Develop New Products, Target on Mid and High-End Markets

The Way to Enter Chinese Market
The Way to Enter Chinese Market


fastener