From The Star Online:
KUALA LUMPUR: Amway (M) Holdings Bhd posted a net profit of RM19.4mil for the first quarter ended March 31, or 7% lower than the previous corresponding period’s of almost RM21mil, due to the unfavourable exchange rate for the ringgit against the US dollar, coupled with increased promotional expenses.
In a filing with Bursa Malaysia, it said it posted 13% increase in revenue to RM163.8mil from RM144.8mil previously, due to effective promotional activities and higher productivity of distributors.
On a quarterly basis, the first quarter’s net profit was 11% lower than the fourth quarter’s RM21.9mil, while revenue fell 4.7%, as there were more buying activities in the previous quarter prior to the price increase, as well as due to weaker consumer sentiment in the quarter under review.
Together with the first-quarter results, Amway also declared the first interim single tier dividend of 7 sen per share.
It was expected to achieve marginal growth in revenue for the current financial year ending Dec 31 as consumer sentiment in the near to medium term would be affected unfavourably by the global economic slowdown and other uncertainties in the marketplace, the company said in the notes.
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