KUALA LUMPUR, 30 MAY 2023 – Wellspire Holdings Berhad (“Wellspire” or “the Group”), a distributor of consumer-packaged foods and online retailer of consumer-packaged foods in Thailand, today announced it has achieved revenue of RM34.05 million for the current quarter ended 31 March 2023.
This was RM1.47 million higher compared with RM32.58 million in the preceding quarter ended on 31 December 2022.
Wellspire’s revenue
Revenue from the sales of sunflower seeds accounted for 94.33% (RM32.12 million) of the total revenue.
The Group registered a profit before tax of RM2.39 million after expensing off a one-time IPO professional fee of RM0.06 million as compared to a loss before tax of RM0.17 million in the preceding quarter following the adjustment for the one-off listing expenses amounting to RM1.39 million.
Mo Guopiao, Chief Executive Officer and Executive Director of Wellspire said, “We are delighted to start our new financial year on a positive note. We expect the operating landscape to improve further as the economic recovery remains on track, with improved consumer sentiments.”
“As we move forward, we will continue to expand our range of products to include other types of snack foods by leveraging our broad market access to a large potential end-consumer base.
Recently, Wellspire partnered with HH International Enterprise Limited to distribute WEILONG brand products exclusively in Thailand. The products include WEILONG brand Konjac and seasoned flour products, namely Weilong Big Hot Stick (Latiao) and Weilong Konjac Shuang.
“As Thailand’s household income and consumer spending are improving, Wellspire is positive in the Group’s ability to deliver satisfactory financial performance and carry out the Group’s business strategy. These include the construction of a warehouse and operating facility, improve the features of our e-commerce platform operated by our subsidiary Keymall Retail,” Mo concluded.
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