KUALA LUMPUR (March 28): Penang-based Farlim Group (Malaysia) Bhd, which saw its net profit plunge 73% to RM12.7 million or 9.05 sen per share in its financial year ended Dec 31, 2015 (FY15), proposed a first and final single tier dividend of two sen per share for FY15.

In a filing with Bursa Malaysia today, the group said the ex-date and entitlement date would be announced in due course.

It added that the dividend was subject to shareholders' approval at the forthcoming annual general meeting.

For FY15, its revenue grew 86.2% to RM46.39 million from RM24.9 million a year ago.

In its fourth quarter ended Dec 31, 2015 (4QFY15), Farlim Group returned to profitability with a net profit of RM9.67 million, from a net loss of RM529,000 in the corresponding quarter a year ago.

The profit turnaround was attributable to the gain on disposal of land by the company of RM54.884 million.

Revenue for 4QFY15 rose 96.48% to RM27.67 million, from RM14.08 million in 4QFY14.

Shares of Farlim Group fell half a sen or 1.02% to 48.5 sen for a market capitalisation of RM68.05 million.