Pelikan Reports Profit Increase on Lower Sales

Pelikan International Corporation, Bhd released its financial report, for the third quarter of 2013, ending on September 30. The company earned RM405.96million (US$126.1 million) in revenue for this period, 5.1% less than last year’s RM427.82million ($133 million). Pelikan cited “sales of the filing plants and private label filing business were no longer consolidated” as the major reason for the decline.

In the third quarter, Pelikan posted a turnaround profit of RM4.3million (US$1.3 million), whereas it reported a net loss of RM9.4 million (US$2.9 million) a year ago due to the “lower cost base arising from restructuring measures undertaken in 2012, and also less restructuring expenses incurred in the current quarter as opposed to a year ago”.

Going forward, Pelikan said the stationery and printer consumable market remains “challenging” because some key economies are just starting to recover from negative GDP growth.

The report added that continued positive performance “is dependent on the sales development of the group for the remaining quarter, in particular the German and European markets.”