Above expectations. MCIL’s 4QFY03/10 net profit of RM35.4m (-34.0% qoq) beat our and consensus expectations, with full-year net profit of RM134.5m (+95.6% yoy) accounting for 108.6% of our and 109.3% of consensus full-year estimates. Key variances were:
1) stronger-thanexpected margins, where MCIL achieved a full-year EBIT margin of 14.6% vs. our projection of 12.6%. We believe this could be due to ongoing costcontrol measures as well as lower-than-expected newsprint prices; and
2) a lower-than-expected 4Q effective tax rate of 17.7%, resulting in FY10 effective tax rate of 25% (vs. our assumption of 28%). We believe this reflects the turnaround by its operating subsidiaries.
Media Chinese Int’l Berhad : FY10 Core Net Profit Surged 95.6% YoY - 27/05/2010
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