Share
KUALA LUMPUR (March 11): TAFI Industries Bhd has disposed of a single-storey detached factory located in Muar, Johor for a cash consideration of RM9 million.
In a statement on Thursday (March 10), the furniture maker is expected to realise a gain before tax of RM5.71 million following the disposal.
“TAFI Group had decided to dispose of the said factory as it will be more economical and cost-efficient to purchase the finished laminated boards or to sub-contract out the lamination process.
“The disposal of the said factory will not affect the group’s furniture production capacity of furniture which are being carried out at TAFI Group’s other factories,” it said.
TAFI chief executive officer Datuk Seri Bryan Wong said the decision to dispose of the factory was part of the management’s strategy to streamline and increase the efficiency of its business operations.
“Our continuing and ongoing efforts to streamline and increase efficiency of the group’s business operations have begun to show positive results whereby TAFI Group managed to achieve a profit after tax of RM5.5 million for the financial year ended December 31, 2021 as opposed to a loss after tax of RM9.45 million for the previous year.
“Barring unforeseen circumstances, we are confident that TAFI Group will continue to report increasing profits for our furniture as well as our property development and construction businesses in future,” said Bryan.
Shares in TAFI finished 1.5 sen or 2.1% higher at 73 sen on Thursday, valuing the group at RM275.03 million.
Get the latest news @ www.EdgeProp.my
Subscribe to our Telegram channel for the latest stories and updates
TOP PICKS BY EDGEPROP
Rumah Rakyat Lubok China
Linggi, Negeri Sembilan
Broadleaf Residences, Hometree
Kota Kemuning, Selangor
The Parque Residence @ Eco Santuary
Telok Panglima Garang, Selangor
The Parque Residence @ Eco Santuary
Telok Panglima Garang, Selangor
The MET Corporate Towers
Mont Kiara, Kuala Lumpur
The Vertical Business Suites
Bangsar South, Kuala Lumpur
