Below expectations. Adventa’s 2QFY10/10 net profit of RM6.5m (-20.2%
yoy; -31% qoq), was below our and consensus expectations with 1HFY10 net profit of RM15.8 (+1.4% yoy) accounting for 38% and 39% of our and consensus full-year net profit estimates respectively. The key variance was a higher-than-expected 1H effective tax rate of 11.0%, against our fullyear effective tax rate assumption of 5%. As expected, no dividend was declared during the quarter.
Adventa Berhad : Weakened By Higher Effective Tax Rate - 16/6/2010
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