26th Oct 2018 13:07
LONDON (Alliance News) - Hidong Estate PLC on Friday posted a profit reduction in the first half of its year due to disposal gains the year before and increased administrative expenses.
The investor and former natural rubber and oil palm producer reported a MYR109,005 pretax profit in its half year ended September 30, approximately GBP20,369. This compares to a MYR169,116 pretax profit the year before.
The largest factor in Hidong's reduced profit is that it made no gains on the disposal of investments in its half year, having made a MYR23,671 gain on disposal the year before. Secondary to this, Hidong's administrative expenses grew to MYR78,883 from MYR60,370.
As at September 30, Hidong's current net assets totalled MYR11.8 million, up from MYR11.7 million the year prior. Its cash and cash equivalents stood at MYR76,065, down from MYR238,335.
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