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Results Note - Benalec Hldgs (TR BUY, maintain) - Above expectation, TR BUY maintained




Affin Hwang Investment Bank Bhd


22 Aug 2013





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4QFY13 core net profit declined by 34% YoY but rose by 18% QoQ 4QFY13 PBT declined by 52.3% YoY and 54.6% QoQ to RM5.4m mainly due to no land sales in 4QFY13 and impairment losses of vessels (RM4.7m), partially offset by lower unrealised and realised forex loss and lower administrative expenses. A higher effective tax rate due to non-deductible expenses resulted in a PAT of RM3.3m (-69.0% YoY, -62.5% QoQ). Adjusted for forex and other oneoff gains/losses (including the impairment losses of RM4.7m), 4QFY13 core net profit amounted to RM10.2m (-33.6% YoY, +18.2% QoQ.

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