Higher cocoa prices boost Guan Chong’s profit

PETALING JAYA: Cocoa processor Guan Chong's net profit received a boost from higher raw material prices with net profit for the quarter ended Dec 31, 2010 climbing to RM42.90 million from RM6.67 million in the previous corresponding quarter.

Revenue for the quarter under review surged 52.56% to RM332.30 million due to higher sales volume and market price of cocoa  products.

The company said in an announcement to Bursa Malaysia on Monday that net profit was also supported by net gains arising from foreign exchange due to stronger ringgit, gain on commodity  futures  contracts and net fair value gains on foreign exchange derivatives.

Guan Chong also announced a first interim dividend of 2.25 sen net per ordinary share.

(Source: http://biz.thestar.com.my/news/story.asp?file=/2011/1/31/business/20110131135849&sec=business)