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Jawala turns in stronger profits in FY18
BOOSTED by higher revenue, Malaysian sustainable timber company Jawala Inc chalked up a profit of RM7.54 million (S$2.49 million) in FY18, up from RM1.74 million a year ago.
Revenue for the year ended July 31, 2018 more than doubled from nearly RM12 million to RM39.93 million due to higher sales volume and a higher average selling price as a result of a shortage of logs in local markets. Meanwhile, earnings per share came to RM0.06, versus a loss per share of RM0.01 previously.
In an update on the temporary ban on the export of logs from Sabah until further notice, Jawala said that the ban would not have a material adverse impact on the company as it currently does not export its logs.
It expects growth to be underpinned by strong demand for certified sustainable timber amid increasing international awareness of sustainability.
An ordinary dividend of S$0.004 per share has been declared; subject to approval by shareholders at an annual general meeting, the dividend is to be paid on Dec 10.