23 April 2012

KAF 3Q profit doubles on non-operating gains

KAF-Seagroatt & Campbell Bhd’s third quarter net profit more than doubled from a year earlier as the stockbroking firm registered higher non-operating gains which mitigated the impact of lower revenue and higher operating expenses.

In a statement to the exchange on Monday, KAF said net profit came to RM8.62 million in the quarter to February 29, 2012 versus RM4 million a year earlier. Revenue fell 15% to RM7.18 million from RM8.45 million.

“There is no net gain on disposal of unquoted investments, which are mainly private debts securities, for the current financial period to date. There was no sale of PROPERTIES [] during the period.

“Particulars on the purchase or disposal of quoted securities are not provided, as the activities of the group comprises principally of stockbroking and related services,” said debt-free KAF which had a cash pile of RM93.97 million as at February 29 this year.

Cumulative nine-month net profit fell 31% to RM12.87 million from RM18.64 million a year earlier while revenue was down 7% to RM21.34 million from RM23.01 million. The company said barring any unforeseen circumstances, its performance for the current financial year will be line with the local stock market.

Source: www.theedgemalaysia.com


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