By Gho Chee Yuan
KUALA LUMPUR (Nov 20) -- Malaysia's Mieco Chipboard, which makes particle boards used as a material in furniture and speaker boxes, said Monday net profit for the third quarter surged nearly four times due to higher selling prices and improved production efficiency.
Net profit for the three months ended Sep. 30 was 15.62 million ringgit ($3.76 million) compared with 4.23 million ringgit a year earlier, the company said in an exchange filing. Quarterly revenue rose 11.1% on year to 101.13 million ringgit from 91.03 million ringgit a year earlier.
The company foresees a more competitive and challenging market conditions due to downward pricing pressure on their products.
"The group will continue to explore new market, streamline production efficiency, stringent cost control, develop effective branding strategies and shift towards higher value products to mitigate the market challenge," it added.
- By Gho Chee Yuan; Terence.Gho@nikkeinewsrise.com; 60320267363
- Edited by Abhijit Basu
- Send Feedback to feedback@NikkeiNewsRise.com
- Copyright (c) 2017 Nikkei NewsRise Asia Pte Ltd.