1Q core net profit jumps to RM1.9m. Furniweb’s 1QFY12/10 core net profit of RM1.6m (-15.4% qoq) accounted for 22.9% and 23.8% of our and consensus full-year estimates respectively. We consider this to be above our expectations given that 1Q is typically the weakest quarter. The key variance was due to higher-than-expected core EBIT margin achieved of 9.1% in 1Q10 vs. our full-year forecast of 7.2%, offset partially by a higher-than-effective tax rate of 31.9% (vs. our full-year assumption of 17.5%) during the quarter. As expected, no dividend was declared for the quarter.
Furniweb Industrial Products Berhad : Above Expectations -24/05/2010
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