♦ 3QFY10 core net profit fell 3.7% yoy. Adventa’s 3QFY10/10 net profit
of RM8.2m (-3.7% yoy; +27.1% qoq), was below our and consensus
expectations with 9MFY10 net profit of RM24.0m (flat yoy) accounting for
60% and 67% of our and consensus full-year net profit estimates
respectively. We believe the key variance was due to the slower-thanexpected
commencement of operations from its new factory in Kluang,
Johor, which we now expect would start contributing to earnings from end-
4Q10 as compared to our earlier expectations of 3Q10 due to some slight
delay in installing the lines. As expected, no dividend was declared during
the quarter.
Adventa Berhad : Below Expectations - 23/09/2010
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