Pelikan International Corp says that its key operating countries will continue to be challenging as consumers and business remain cautious on spending and expansions.
In a filing with Bursa Malaysia, the stationery manufacturer reported that its revenue declined by 9,8% to RM282-million (€70-million) during the first quarter. However, its net loss narrowed to RM10,72-million (€2,7-million).
“The decrease was mainly contributed by the group’s main revenue currency i.e. the euro which depreciated by 9,8% against the ringgit compared with the previous year’s corresponding quarter,” Pelikan says.
Pelikan added that it will continue its effort to implement strategies within its product assortments and distribution channels to improve operating margins and reduce operational costs.
Source: Office Times.com