Tien Wah Q2 posted RM14.5m loss

KUALA LUMPUR: Tien Wah Press Holdings Bhd fell into the red as it registered a net loss of RM14.45 million in the second quarter ended June 30, from a net profit of RM6.1 million in the same period a year ago.

In its filing to Bursa Malaysia today, it said its performance was hit by the cessation of its Australia’s printing operations, announced on June 15.

“We recorded a one-off redundancy expenses of RM20.3 million and an impairment loss of machinery of RM11.0 million,” it said.

However, it recorded higher revenue of RM108.5 million in the quarter than RM81.2 million in the corresponding period a year ago.

The company said the revenue growth was brought about by consolidation of a newly acquired foreign subsidiary.

“The tobacco industry continues to face challenges from illicit trade and anti-smoking legislations,” it said.

"We will review our current footprint while focusing on growth opportunities in Indonesia and Dubai,” Tien Wah added.

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