Stationery firm posts turnaround profit of RM4.3 million for 3Q13 after a RM9.4 million net loss a year ago.
The Star reported that Pelikan International Corporation Bhd has posted a profit for the third quarter of RM4.3 million ($1.3 million/€990,000), with the company’s restructuring creating a lower cost base that has allowed profits to climb from a net loos of RM9.4 million ($2.9 million/€2.1 million) a year ago.
Revenue however fell 5.1 percent to RM405.96 million ($126.1 million/€93.4 million) from RM427.82 million ($133 million/€98.4 million) last year due to “sales of the filing plants and private label filing business in 2012 of which approximately RM30 million ($9.3 million/€6.9 million) sales were no longer consolidated”. Earnings per share for 3Q13 meanwhile were reported at 0.85 sen compared to a loss per share of 1.84 sen a year ago.
Pelikan said that the improved results were down to its restructuring during 2012 as well as there being less restructuring expenses incurred in 3Q13 compared to a year before. It added that the stationery and printer consumable market remains “challenging” as key countries are only just starting to recover from negative GDP growth, noting that “the continued performance of the group is dependant on the sales development of the group for the remaining quarter, in particular the Germany and European markets”.
The Recycler reported in October that Pelikan achieved an operating profit of SFr6.7 million ($7.4 million/€5.5 million) and net profit of SFr4.1 million ($4.5 million/€3.3 million) in the first half of 2013; as well as reporting its plans to consolidate its German operations – Pelikan Holding AG Group and Herlitz Group, in order to reduce losses made by Herlitz.