KUALA LUMPUR (May 16): Amway (Malaysia) Holdings Bhd registered a lower net profit of RM7.98 million or 4.85 sen a share for the first quarter ended March 31, 2018 (1QFY18) on the back of softer sales and higher import costs owing to a weaker ringgit.

Its profit was 15.63% lower than in the same period last year of RM9.45 million or 5.75 sen a share.

Amway's first quarter revenue fell 0.77% to RM235.32 million from RM237.15 million in 1QFY17.

The group has declared a first single tier interim dividend of 5 sen per share for the financial year ending Dec 31, 2018 (FY18), payable on June 13.

Going forward, Amway said the board anticipates an improved economic landscape for the remaining FY18 due to the strengthening of the ringgit, stabilising oil prices and higher gross domestic product growth forecast.

"However, it remains unclear as to how quickly this will translate into the strengthening of consumer confidence and purchasing power which may continue to remain under pressure," Amway said in a filing to Bursa Malaysia today.

Notwithstanding these uncertainties, the board expects the group's sales for the remaining year to stabilise in contrast to 2017.

Moreover, it said the group will continue to proactively focus on strategies to manage operating costs and implement various sales and marketing initiatives, as well as its Amway Business Owner (ABO) experience-related infrastructure to support ABOs.

Amway closed six sen or 0.72% higher at RM8.40, for a market capitalisation of RM1.38 billion.