Manufacturer Fu Yu Corp has reported revenue of $70.4 million for 1HFY2021, down 1.7% y-o-y, as the drop of its sales in China offset gains in Singapore and Malaysia.
However, earnings for the same period increased by 20.1% y-o-y to $8.86 million.
The company plans to pay an interim dividend of 0.4 cent per share, and a special dividend of 3.3 cents. In contrast, it paid just 0.35 cents this time last year.
In Jan this year, Pilgrim Partners, managing a variable capital company 85% owned by one Wang Shao Ren (Wang Shaoren) @ Ong Shao Jin, paid $58.3 million, or 26 cents per share, to let a group of Fu Yu founders cash out. The fund now holds around 224. 4 million shares, or 29.8% of the company.
The total planned payout of 3.7 cents means Pilgrim will gain around $8.3 million.
This current 2HFY2021 will remain challenging, the company notes, as the pandemic goes on and competition remains intense.
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Fu Yu will ensure “resilience” and “stability” by maintaining a diversified customer mix and product portfolio, and to also keep a close eye on cost.
The company recently acquired a supply chain management company Avantgarde Enterprise in a bid to diversify its business beyond just manufacturing.
Fu Yu shares closed Aug 11 at 30 cents, down 1.67% for the day and up 9.26% year to date.
