Source: http://biz.thestar.com.my/news/story.asp?file=/2009/12/23/business/5355341&sec=business
Wednesday December 23, 2009
PETALING JAYA: Hai-O Enterprise Bhd posted an 84% increase in net profit to RM20.45mil for its second quarter ended Oct 31, compared with RM11.15mil in the previous corresponding period.
Revenue improved by 52% to RM132.4mil from RM87.3mil previously.
In a filing with Bursa Malaysia yesterday, Hai-O said the increase in net profit was mainly due to higher contributions from all core divisions.
It said the recovery in the domestic market had increased consumer spending, which boosted sales of its health and wellness products in the second quarter.
Moreover, it said, the increase in other income included the realisation of exchange fluctuation reserve on the disposal of foreign associates amounting to RM624,799.
For the first-half year ended Oct 31, Hai-O achieved a 40% higher revenue of RM280.95mil compared with RM200.20mil previously.
Meanwhile, Hai-O has proposed to implement the following:
·Bonus issue of up to 16.89 million new ordinary shares of RM1 each held in Hai-O to be credited as fully paid-up, on the basis of one bonus share for every five existing shares held in the company on an entitlement date to be determined later
·Share split involving the subdivision of each Hai-O share held in the company into two ordinary shares of 50 sen each in Hai-O
lAmendment to the Memorandum and Articles of Association of Hai-O and
·Private placement of up to 10% of the then enlarged issued and paid-up capital of Hai-O.
Daniel's Recommendation: Maintain HOLD
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