Midas Holdings’ net profit up 18.1% to $122.5m in FY14

On back of lower tax expenses.

Midas Holdings reported an 18.1% increase in net profit to $122.5m (RMB56.3m) in FY14, on back of a 83.2% decline in tax expense.

The group’s revenue grew 14.8% to $286.5m (RMB1.3b) driven by higher business volume from its aluminum alloy extruded products division.

In spite of the good headline numbers, OCBC cautions that Midas’ outlook remains uncertain due to several reasons including uncertain sales volume from new light alloy division and the potential impact on future orders from CSR/CNR proposed merger.

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