KUALA LUMPUR (Dec 28): Apollo Food Holdings Bhd’s managing director (MD) Liang Chiang Heng has been redesignated as executive chairman of the company.

In a filing with Bursa Malaysia today, Apollo said its executive director Liang Kim Poh, 56, will take over as managing director.

Today, Apollo also posted an 11.09% decline in net profit to RM3.82 million in the second financial quarter ended Oct 31, 2017 (2QFY18) from RM4.29 million a year ago due to lower foreign exchange gain compared with the preceding year’s corresponding quarter.

Earnings per share fell to 4.77 sen from 5.37 sen.

Quarterly revenue, however, rose 8.23% to RM52.09 million in 2QFY18 from RM48.13 million in 2QFY17, mainly due to increase in sales orders by local markets.

For the cumulative six months (6MFY18), Apollo reported a 24.2% decline in net profit to RM7.58 million versus RM10 million in 6MFY17, while revenue was flat at RM98.82 million compared with RM98.11 million a year ago.

On prospects, the group is optimistic that it will continue to achieve satisfactory results in the coming year by focusing on product and service quality.

Apollo shares closed unchanged at RM4.50 today, bringng it a market capitalisation of RM360 million.