However, due to higher purchase prices of most raw materials, the group saw its overall gross profit margin fall to 25% over the year from 26.1% in FY16.
SINGAPORE (Mar 12): Malaysia-based furniture maker LY Corp today posted a full year profit of RM51.2 million ($17.3 million) for FY17, up 17.8% from RM43.5 million in FY16 on higher sales.
Revenue for the full year grew 22% to RM350.6 million from RM287.4 million a year ago due to an increase in the number of containers loaded with furniture products due to higher demand from the group’s customers in the US, as well as the higher average selling price (ASP) per container of RM53,000 compared to RM51,000 in FY16 due to higher selling prices of certain furniture models.
