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KUALA LUMPUR: Lay Hong Bhd posted a net loss of RM14.35mil in the first quarter ended June 30, against a net loss of RM5.19mil in the same period a year earlier.
The group recorded a pre-tax loss of RM12.44mil as compared to the preceding quarter which recorded pre-tax profit of RM 9.15mil.
Lay Hong said the loss was mainly due to the decrease in average selling prices (ASP) of table eggs and the lower production of processed chicken products.
“The increase in raw material cost of our major components i.e. corn and soya bean have also negatively impacted the overall profitability,” it said in the notes accompanying its quarterly results.
Its revenue in the 2Q stood at RM229.43mil, down 3.68% from RM238.19mil.
Lay Hong said the revenue for the integrated livestock farming (ILF) segment decreased by 0.82% from RM172.85mil to RM171.43mil.
It said the lower revenue was due to the lower ASP of table eggs despite the increase in the quantity of table eggs being sold.
Revenue for the food manufacturing (FM) segment fell 3.06% to RM101.39mil from RM104.58mil due to shorter operating days where the plant was undertaking maintenance together with the restriction of workforce from 100% to 60% upon imposition of the enhanced movement control (EMCO) order throughout the whole country.
Its retail business segment recorded a reduction in revenue of 2.59% or RM1.64mil in Q1’22 compared with the last corresponding preceding period.
Lay Hong said the continuing high price of raw materials especially the two major components i.e corn and soya bean in the world commodities market had posed a great challenge to the group to contain cost.
“With the ongoing pandemic getting more worrisome especially the Delta variant, the demand for chicken products and liquid egg especially for the industrial segments are getting tougher due to their reduced offtake affected by EMCO closure that led to their reduced production output thus directly influence the overall ASPof our products to the market,” it said.
“Taking cognisance of the ongoing tough operating environment, the board will take appropriate mitigating measures to address it and ensure that the group will be able to strive through this trying time,” it added.