MAGNI (7087) 美特工业 - [MAGNI-TECH INDUSTRIES BHD,在市场动荡不定的情况下将面临挑战] - James的股票投资James Share Investing


 [MAGNI-TECH INDUSTRIES BHD,在市场动荡不定的情况下将面临挑战]

2018年第4季度的收入较2017年第4季度下降26.4%。在部门基础上,2018年第4季度的服装收入下降28.0%,主要是由于收到的销售订单减少以及外汇走势不利。2018年第四季度的包装收入下降11.6%,主要是由于2017年第四季度停止胶印包装(OPP)业务。持续的包装业务(即柔性塑料和瓦楞包装)的收入下降3.4%是因为收到销售订单下降。

比起2017年第4季度,2018年第4季度的税前利润(“PBT”)下降50.3%。2018年第4季度的服装PBT下降51.3%,主要是由于收入下降,外汇亏损增加(减308.2万令吉),以及营业费用与营收比率上升。2018年第4季度包装PBT下降42.3%,主要是由于收入下降以及在2017年第4季度的OPP业务关闭成本拨备的拨回(RM30.7万)。



2018财年收入比2017年同期下降5.3%。2018年度的服装收入下降4.1%,主要是由于收到的销售订单减少以及不利的外汇变动。包装收入下降14.9%,主要由于OPP业务停止。持续经营的包装业务收入下降1.0%,主要原因是收到的订单减少。

2018年度的PBT与2017年度相比下降了23.0%。2018年度的服装PBT与2017年度相比下降了23.7%,主要是由于2018财年净外汇损失837万令吉,而不是2017财年的汇兑收益为1014.1万令吉。较低的服装PBT也是由于收入下降和营业费用与收入比率上升所致。2018年度包装PBT下降3.8%。在2017财年,非经常性OPP业务关闭成本为RM257万。剔除业务关闭成本,2018年FYR包装PBT降低36.2%,主要是由于收入下降,材料成本和经营费用增加所致。

2018年第4季度(比较2018年第3季度)的收入同比下降29.6%。2018年第4季度的服装收入下降32.0%,主要是由于收到的销售订单减少以及因不利的外汇变动而加剧。2018年第4季度包装收入下降4.9%,主要是由于收到的销售订单减少。

2018年第四季度的PBT同比Q3下降47.8%。服装PBT下降50.2%,主要是由于收入下降和外汇净亏损增加135.8万令吉。

前景:
对于截至2019年4月30日止的即将到来的财政年度,他们对美特工业经营环境的前景保持谨慎态度,预计在市场动荡不定的情况下将面临挑战。

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James Ng

Revenue for Q4-FYR 2018 decreased by 26.4% as compared to Q4-FYR 2017. On a segmental basis, garment revenue for Q4-FYR 2018 receded 28.0% mainly due to lower sale orders received and unfavourable foreign exchange movements. Packaging revenue for Q4-FYR 2018 dipped 11.6% mainly due to the cessation of offset printing packaging (OPP) business in Q4-FYR 2017. Revenue of the continuing packaging operations (ie. flexible plastic and corrugated packaging) dropped 3.4% due to lower sale orders received.

Profit before tax ("PBT") for Q4-FYR 2018 decreased by 50.3% as compared to Q4-FYR 2017. Garment PBT for Q4-FYR 2018 declined by 51.3% mainly due to lower revenue, higher foreign exchange loss (by RM3.082 million) and higher operating expenses to revenue ratio. Packaging PBT for Q4-FYR 2018 went down 42.3% mainly due to lower revenue in Q4-FYR 2018 and reversal of provision for OPP
business closure costs (RM0.307 million) in Q4-FYR 2017.

Revenue for FYR 2018 eased 5.3% as compared to FYR 2017. Garment revenue for FYR 2018 fell 4.1% mainly due to lower sale orders received and unfavourable foreign exchange movements. Packaging revenue decreased by 14.9% mainly due to cessation of OPP business. Packaging revenue of the continuing operations edged down 1.0% mainly due to lower order received.

PBT for FYR 2018 was down by 23.0% as compared to FYR 2017. Garment PBT for FYR 2018 dropped 23.7% as compared to FYR 2017 mainly due to the net foreign exchange loss of RM8.370 million for FYR 2018 as opposed to the net foreign exchange gain of RM10.141 million for FYR 2017. Lower garment PBT was also attributable to to lower revenue and higher operating expenses to revenue ratio.
Packaging PBT for FYR 2018 went down 3.8%. Non-recurring OPP business closure costs of RM2.570 million was expended during FYR 2017. Stripping out the business closure costs, packaging PBT for FYR 2018 was lower by 36.2% mainly due to lower revenue, higher material costs and operating expenses incurred.

Revenue for Q4-FYR 2018 fell 29.6% as compared to Q3-FYR 2018. Garment revenue for Q4-FYR 2018 decreased by 32.0% mainly due to lower sale orders received and exacerbated by unfavourable foreign exchange movements. Packaging revenue for Q4-FYR 2018 slipped 4.9% mainly due to lower sale orders received.

PBT for Q4-FYR 2018 dropped 47.8% as compared to Q3-FYR 2018. Garment PBT declined by 50.2% mainly due to lower revenue and higher net loss on foreign exchange by RM1.358 million.

Prospects:
For the forthcoming financial year ending 30 April 2019, they remain cautious in their outlook as the Group's operating environment is expected to be challenging amid volatile market conditions.

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James Ng

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