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KUALA LUMPUR: Guan Chong Bhd’s (GCB) forward sales for the financial year ending Dec 31, 2023 is near-full, indicating the demand for chocolate is still resilient, according to managing director and CEO Brandon Tay Hoe Lian.
Cocoa manufacturer Guan Chong Bhd’s net profit dipped 53% to RM33.9 million in the first quarter ended March 31, 2021 (1QFY21) from RM72.2 million in the same period last year due to narrowing margin, but it remained upbeat on the industry picking up in the second half of 2021.
Thursday, 27 May 2021 09:08 PM MYT
KUALA LUMPUR, May 27 Cocoa manufacturer Guan Chong Bhd’s net profit dipped 53 per cent to RM33.9 million in the first quarter ended March 31, 2021 (Q1 FY2021) from RM72.2 million in the same period last year due to narrowing margin but remain upbeat of industry picking up in the second half of 2021.
Revenue edged up 5.6 per cent to RM960.12 million compared to RM909.38 million previously.
“The weaker bottom line was due to higher freight costs and competitive margins as a result of lower combined ratios of cocoa ingredients, an indicative measure of selling prices over cocoa bean costs.