Posted by Jimmy Song > 2013-11-17 23:45 | Report Abuse

ASIA BRANDS DELIVERS ANOTHER DOUBLE DIGIT GROWTH Recording A Revenue Of RM 90.11 Million PETALING JAYA, 15 NOVEMBER 2013 – Asia Brands Berhad (formerly known as Hing Yiap Group Berhad) (“ABB” or the “Group”) announced its second quarter results for its financial year ended 31 March 2014 (“Q2FY14”) with a revenue of RM 90.11 million, a staggering increase of RM 20.12 million or 28.75% compared to its first quarter for its financial year ended 31 March 2014 (“Q1FY14”) For its current quarter under review, the Group recorded a profit before tax (“PBT”) of RM 7.9 million. In comparison to the Group’s Q1FY14, it shows a decrease in PBT, but this is due to the gain on disposal of property that was recorded in Q1FY14. This also marks the first half of the Group’s financial year ended 31 March 2014 (“H1FY14”), and the Group has achieved a revenue of RM160.11 million, with a PBT of RM21.66 million. The surge in both revenue and PBT for H1FY14 compared to H1FY13 which reported a revenue and PBT of RM58.73 million and RM7.67 million respectively, was due to the contribution from the Group’s new business segments – babywear and innerwear – as a result of a successful acquisition of the subsidiary companies of Asia Brands Corporation Berhad in 14 December 2012. Commenting on the financial results, Mr Cheah Yong Hock, Group Chief Executive Officer (“Mr. Cheah”) said “The acquisition of leading brands such as Anakku and Audrey allowed us to expand our business into babywear and innerwear segments, making us a brand conglomerate with an increased market share, enlarged customer base and more distribution channels within the apparel industry.” On the 24 October 2013, the Group paid a final dividend of 5% less income tax amounted to RM2.97 million for the financial year ended 31 March 2013 (“FYE13”). “We greatly appreciate the continuous support of our shareholders and we will continue to do our best in taking the company to the next level.” commented Mr Cheah.