KUALA LUMPUR: While the escalating costs of dairy raw materials have taken a bite out of Farm Fresh Bhd’s bottomline, the dairy producer said it was optimistic over its growing revenue and market share.
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In the first quarter of its 2024 financial year, Farm Fresh posted a net profit of RM6.37mil, which was less than half RM15.24mil registered in the first quarter of FY22.
This represented an earnings per share of 0.34 sen as compared to 0.82 sen in the comparative quarter.
However, the group’s revenue in the quarter ended June 30, 2023, rose to RM185.46mil from RM144.02mil to achieve its highest quarterly revenue to-date on the back of higher sales contributions from the hotel, restaurant and cafe distribution channel, its latest product offerings and its Australian subsidiaries.
“We have weathered through the period of heightened input costs for the past year and have continued to remain profitable.
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“We now see several developments which are pointing towards a turnaround as far as input costs are concerned with the price of dairy raw materials gradually coming down,” said group managing director and CEO Loi Tuan Ee in a statement.
He added that the outlook for Farm Fresh remains positive given the recent developments.
– The Star