Business

Wednesday November 11, 2009

Hup Seng plans new dividend policy, share split


PETALING JAYA: Hup Seng Industries Bhd said yesterday it was setting a dividend policy and splitting its stock in a busy announcement day that also saw it announce its quarterly financial results.

In a filing with Bursa Malaysia, Hup Seng said it was adopting a dividend policy that would see it distribute annually a minimum 60% of its annual net profit as dividend starting from its financial year ended Dec 31, 2009.

The company also proposed a share split where the par value of every RM1 share would be divided into two shares of 50 sen each.

Those announcements was complemented by its financial results which saw Hup Seng register a net profit of RM4.96mil for its third quarter ended Sept 30 compared with RM3.55mil in the previous corresponding period.

Pre-tax profit rose to RM6.33mil from RM4.91mil for the respective periods mainly due to the lower material input cost and the improved contribution from costs recovery exercise within the group.

Revenue declined to RM49.34mil from RM52.84mil previously but earnings per share advanced to 8.28 sen from 5.93 sen previously.

On its future prospects, Hup Seng said that in view of the continuing global economic uncertainty, the group’s strategy remained focused on product and service quality, flawless operation and cost control.


HUPSENG : [Stock Watch] [News]


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