Media Outlet: The Star
7:26 PM, Tuesday, 14 Feb 2023
Rex expects business environment to remain challenging
KUALA LUMPUR: Rex Industry Bhd, which posted a net loss of RM1.9mil in the second quarter ended Dec 31, expects the environment for the food and beverage industry to remain challenging in the next 12 months.
The company said this was mainly due to continued high input costs, freight charges and volatility of the ringgit.
“Additionally, rising inflationary pressures will continue to impact consumer spending which will adversely impact sales.
“We will continue to invest in our brands to drive sustainable growth while prioritising cost management initiatives to unlock efficiencies. We may also consider a price adjustment to mitigate part of the cost pressure,” the canned food and beverage manufacturer said in a filing with Bursa Malaysia.
In the second quarter to Dec 31, Rex’s revenue grew by 3.5% to RM42mil from RM40.5mil last year.
It posted a loss per share of 0.31 sen during the quarter against 0.17 sen previously.
For the first six months to Dec 31, Rex posted a net loss of RM3.83mil, or 0.63 sen loss per share on revenue of RM89mil.