PETALING JAYA: Hai-O Enterprise Bhd’s net profit for its second quarter ended Oct 31 doubled to RM16.1mil from the RM7.86mil in the previous corresponding quarter. Revenue, meanwhile, rose to RM65.85mil from RM56.19mil previously.
In a filing with Bursa Malaysia, the company said the improved performance of the group was mainly contributed by the multi-level marketing (MLM) and wholesale divisions.
“The MLM division is anticipated to perform satisfactorily on the back of continuous efforts to enhance its product mix, expand new market channels as well as to recruit more new members. Furthermore, it will continue to conduct more product training for its distributors to continuously enhance their knowledge and services,” it said.
For its six months ended Oct 31, the group recorded a higher net profit of RM26.37mil, compared with RM15.6mil a year earlier.
Revenue climbed to RM127mil from RM107.17mil previously.
It said the wholesale and retail divisions are currently operating in a challenging environment, as the slowdown of the economy has weakened the purchasing power of domestic consumers.
“However, these two divisions will continue to implement more effective advertising and promotion programmes by targeting the right audience,” it said.