Eurospan net profit down 89.3% for FYE2010

KUALA LUMPUR: Eurospan Holdings Bhd posted a net profit of RM359,000 for the financial year ended May 31, 2010 (FYE2010), plummeting by 89.3% from RM3.37 million a year ago on the back of different product mix, higher operating costs and the appreciation of the ringgit.

The home furnishing manufacturer’s significantly lower net profit was despite its revenue slipping only by 0.1% to RM62.13 million from RM62.8 million a year ago, the company said on Wednesday, July 28.

Meanwhile, it posted a net profit of RM50,000 for its fourth quarter (4Q), down 52.8% from RM106,000 for the same quarter the previous year, while revenue for the quarter rose 10% to RM15.91 million from RM14.47 million a year ago.

However, on a quarterly basis, its revenue increased by 2.9% from RM15.46 million, while its pretax losses amounted to RM130,000, which was 79.69% less than RM640,000 in the previous quarter.

The company said the results were due to the different product mix during the quarter.

Basic earnings per share (EPS) stood at 0.12 sen, down from 0.26 sen a year ago.
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