Malaysia's QL Resources sees 16 percent drop in Q2

QL Resources reports slightly improved second quarter profits but this was thanks to its marine division, but the company's largest division, integrated livestock, saw a 16-percent drop in sales revenue compared to last year.

According to reports, the company saw a slight increase in its second-quarter earnings. Its net profit for the three months ending September 30, 2009 rose 3.4 percent to MYR26.05 million, despite revenue falling to MYR337.17 million from MYR391.62 million a year earlier.

In the notes accompanying its quarterly results, the company says only its marine product manufacturing division managed to show improvement year-on-year.

The company says sales increased for the marine product division due to higher contribution from fishmeal and deep sea fishing activities.

QL Resources biggest revenue contributor - integrated livestock farming - saw sales decrease by 16 percent from a year earlier due to lower unit value of raw material.

On a cumulative basis, net profit rose 3.5 percent in the first half of 2009 to MYR48.36 million, while revenue shrank 8.3 percent to MYR693.51 million.

US$1 = MYR3.37 (Nov 25)