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Amway shares down 3.5% as 1Q net profit falls

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Amway shares down 3.5% as 1Q net profit falls

Amway shares down 3.5% as 1Q net profit falls

KUALA LUMPUR (May 18): Shares of Amway (Malaysia) Holdings Bhd fell as much as 26 sen or 3.5% this morning to as low as RM7.49, as the company reported a drop in its first quarter earnings ended March 31, 2017 (1QFY17).

The counter was also the sixth top decliner on Bursa Malaysia at noon.

The direct selling company reported a 48% drop in net profit to RM9.45 million or 5.75 sen per share in 1QFY17, from RM18.05 million or 10.98 sen per share a year ago.

Amway attributed its lower profitability to lower sales and higher import costs, mainly due to a weaker ringgit.

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