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KUALA LUMPUR: Apollo Food Holdings Bhd’s net profit tumbled 35% to RM3.83mil in the fourth quarter ended April 30, from RM5.88mil in the same period a year ago.
The confectionery manufacturer said the lower earnings were mainly due to higher raw materials costs and lower production capacity resulting from labour shortage for the current quarter and reversal of impairment loss on property, plant and equipment in the preceding year’s corresponding quarter.
Revenue, however, rose 6% to RM57.34mil against RM54.1mil a year prior, due to higher selling prices.
Apollo’s board has proposed a first and final single-tier dividend in respect of the financial year ended April 30 of 15 sen per ordinary share.
The dates of entitlement and payment will be Dec 15, 2022, and Jan 11, 2023, respectively.
For the full financial year ended April 30, Apollo posted a net profit of RM9.97mil, down 42.5% from RM17.34mil posted last year, while revenue declined to RM188.27mil against RM190.38mil.
“The group is currently operating under a challenging environment having to face the uncertainties of raw materials costs and labour shortage and its related costs.
“The group will implement prudent measures and improve operational efficiency to sustain the business and results,” Apollo said.