Quick take: Consumer counters top losers’ list

KUALA LUMPUR: Consumer stocks topped the losers’ list on Bursa Malaysia in early trade on Wednesday.

Dutch Lady Milk Industries Bhd, the top losers on Bursa Malaysia fell RM1.48 to RM43.02.

Dutch Lady reported today a 12% year-on-year fall in its fourth quarter net profit to RM26.67mil from RM30.30mil.

Its revenue, however, rose 3.9% to RM281.76mil in the fourth quarter ended Dec 31,2019 (4QFY19), from RM271.15mil previously.

For the full FY19, Dutch Lady’s net profit sank 20.5% year-on-year to RM102.96mil from RM129.45mil, despite posting marginally higher annual revenue of RM1.07bil against RM1.05bil previously.

Nestle, the second top loser, fell RM1.20 to RM140.80. F&N shed 88 sen to RM30.48, Carlsberg lost 44 sen to RM36.76 while Heineken fell 24 sen to RM28.76.

Nestle posted a 2.1% increase in net profit in the financial year ended Dec 31,2019 to RM673.91mil, which was 2.1% higher than FY18’s RM658.88mil. Its revenue was flat at RM5.518bil compared with RM5.519bil a year ago.

In the fourth quarter, its net profit increased at a stronger pace of 6.5% to RM131.82mil from RM123.82mil a year ago. Its revenue was lower at RM1.328bil compared with RM1.347bil.

Source: TheStar