Etika profit plunges on marketing costs

ETIKA International Holdings yesterday reported a 75.2 per cent drop in net profit to RM5.1 million (S$1.98 million) for the full year ended Sept 30, 2013.

The company said that this fall came mainly from higher operating expenses due to extra promotional campaigns commissioned since the first quarter of the financial year, higher staff costs and foreign exchange losses.

Revenue for the 12 months fell slightly by 0.3 per cent to RM981.8 million, down from RM984.8 million in FY2012, said the maker and distributor of condensed and evaporated milk. Earnings per share were 1.26 sen, down from 4.12 sen a year ago.