KUALA LUMPUR (Nov 22): Malayan Flour Mills Bhd (MFlour) posted a net profit of RM24.21 million in the third quarter ended Sept 30, 2023 (3QFY2023) that was 47.62% lower than the RM46.21 million posted a year ago, owing to higher input costs and a stronger US dollar.

Earnings per share fell to 2.37 sen from 4.53 sen, its Bursa Malaysia filing showed on Wednesday.

Quarterly revenue declined by 3.07% to RM774.91 million compared to RM799.45 million, mainly attributed to lower sales recorded in the period.

For the nine-month period, net profit fell by 66.71% to RM32.68 million from RM98.17 million registered in the same period last year.

Revenue grew to RM2.35 billion from RM2.10 billion, underpinned by higher revenue contribution from its flour and grain trading segment.

On a quarterly basis, the group registered a net loss of RM1.97 million in the immediate preceding quarter (2QFY2023) while revenue was RM752.75 million.

Commenting on the group’s financial performance, MFlour executive deputy chairman Teh Wee Chye said demand for its flour and poultry products remained resilient in the countries the group operated in.

“Under these circumstances, we saw our profitability during the quarter delivering better numbers than those of the first half.

“And if we continue to see stability in input costs and improving supply of broilers to our poultry processing plant, we are optimistic that the two business segments will continue to see improved financial performance for the rest of the year,” Teh said.

Shares in MFlour closed unchanged at 70 sen, giving it a market capitalisation of RM710.64 million.