SINGAPORE (Yosefardi) – Etika International Holdings Ltd, with substantial operations in Indonesian food and beverage industry, posted net profit of RM721,000 only in the quarter ended June 30, 2013, plummeted 84.8% from the corresponding quarter of 2012.
The company recorded sales revenue of RM254.5 million in the quarter, slipped 0.1% from the same period of 2012. Its gross profit actually increased by 7.3% to RM55.85 million, but operating expenses grew substantially by 14.3% to RM45.86 million.
Etika’s administrative and selling & marketing expenses jumped 20% and 37.2% respectively in the quarter, resulting in 40.3% fall of profit before income tax to RM4.07 million. Coupled with 61.7% jump in income tax expenses, the company’s profit attributable to equity holders slashed by 84.8% to RM721,000 only.
For nine months ended June 30, 2013, however, Etika posted net profit of RM14.2 million, down only by 7.5% from the corresponding period of the previous financial year.