Spritzer Q1 earnings up 13.8%, thanks to lower manufacturing costs
24 Jun 2020
Spritzer Bhd saw a 13.8% rise in its net earnings for the first quarter ended March 31 to RM8.79 million, from RM7.71 million previously mainly due to lower manufacturing costs.
Revenue for the quarter was lower at RM92.8 million, from RM95.1 million a year before, mainly due to decrease in volume of plastic packaging materials sold.
The group said it expects the business environment to be difficult amid the uncertainties in health and economic conditions and the continuous competitive pressures with the presence of a large number of bottled water producers and the numerous bottled water brands in the market.
“We are mindful that the disruption from Covid-19 pandemic will persist in the short term. We will continue to focus on our core brands and further automate and enhance our production capacity and capability. We will also continue with our efforts on exploring sustainable packaging alternatives for our bottled water products,” it said.
It added that it is taking prudent measures to review and reduce costs, actively taking steps to explore new online channels, and as far as possible, to expand overseas markets.
Source: The Sun Daily