KUALA LUMPUR: Poultry and eggs player Lay Hong Bhd's third quarter profit ended December 2017 grew 17 per cent to RM10.11 million from RM8.61 million, thanks to higher sales.
In its filing to Bursa Malaysia, Lay Hong noted its quarterly revenue rose 33 per cent to RM228.19 million from RM171.68 million, previously.
Lay Hong group executive director Yap Chor How said the entry of Japan's largest meat packing company NH Foods Ltd into the group as 22 per cent shareholder marked a major step forward in product development and market penetration.
The joint venture between NH Foods and Lay Hong via NHF Manufacturing (Malaysia) Sdn Bhd sees the company’s frozen processed food branded as Nippon Premium Nutriplus.
Lay Hong had so far launched 11 new products with encouraging response, he said.
Yap said Lay Hong's recent profits was boosted by higher contribution from three new G-Mart outlets at Pitas, Ranau and Tambunan, in Sabah.
He also said it was on track to increase its production capacity to three million eggs per day from 2.3 million eggs per day, while the broiler capacity will increase progressively to two million birds per month from the current 1 million birds per month.
"We bought into an industrial plot in Selangor Halal Hub, Pulau Indah as part of our joint venture with NH Foods. The construction of this modern food processing facility is set for completion by the end of this year," he said.