Hup Seng eyes growth despite global volatility
PETALING JAYA: Hup Seng Industries Bhd remains cautiously optimistic about its outlook for the rest of the year, despite anticipating a highly competitive operating environment amid ongoing global uncertainties, including developments in US trade policy.
'The group witnessed some margin compression due to cost pressures. Nevertheless, efforts to enhance operational efficiency will continue to mitigate as much as possible the impact of higher input costs,' the food and beverage company said.
Additionally, it remains focused on enhancing overall performance by innovating its product portfolio and expanding its distributor network to safeguard revenue and profitability.
In the first quarter ended March 31, Hup Seng's net profit fell 24.2% to RM10.6mil, compared with almost RM14mil in the year-ago quarter.
Revenue for the quarter dipped 2% to RM91.7mil against RM93.6mil last year, while earnings per share declined to 1.32 sen from 1.75 sen previously.
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