Ann Joo swings to profit in 2Q on higher sales, declares six sen dividend
by Syafiqah Salim
Ann Joo Resources Bhd reported a net profit of RM83.7 million for the second quarter ended June 30, 2021 (2QFY21), compared with a net loss of RM56.72 million a year ago.
The group attributed this to higher sales and improved profit margins resulting from a higher selling price, which were fundamentally driven by a robust recovery in China demand.
Export prices remained significantly higher than in 2QFY20, despite the price correction triggered by China’s efforts.
Quarterly revenue soared 94.88% to RM674.07 million, from RM345.89 million a year earlier, on higher selling price and export tonnage, partly offset by lower domestic sales tonnage due to mandatory business closures.
On a quarter-on-quarter basis, net profit rose 13.67% from RM73.61 million in 1QFY21, while revenue grew 16.89% from RM576.69 million.
Looking ahead, the group said it will continue to focus on exports, riding on the recovery of the global market.
Source: theedgemarkets.com
https://www.theedgemarkets.com/article/ ... n-dividend
