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Frontken Corporation Berhad. (FRONTKN, 0128) Financial Q2FY2020 Updates

Frontken’s second quarter net profit increased to RM20.33 million

By Stella Goh

Frontken Corporation Berhad is an established Malaysia-based investment holdings founded in 1996 and provision management services.

Frontken is primarily involved as a leading service provider of surface and mechanical engineering in Asia Pacific region. The company was listed in ACE market in 2006, but it has successfully transferred to main market of Bursa Malaysia on 19 November 2008.

Frontken’s main players are from Singapore mainly involves in oil and gas (O&G), petrochemical, power generation, semiconductor and electronic manufacturing industries, while the company also has its own operations in Malaysia, Philippines, Indonesia, Thailand, Vietnam and Japan.

As of 30 June 2020, Frontken’s second quarter net profit increased to RM20.33 million from RM16.52 million in the same period of previous year, was mainly due to the positive growth of its semiconductor business in Taiwan. In addition, Frontken also announced a dividend payout of 1.2sen per share for its fiscal year ended 31 December 2020, and the payment date will be announced later.

Based on these 6 months until end of 30 June, Frontken’s net profit increased to RM37.34 million from RM31.92 million in the same period of previous year, with revenue of RM172.49 million as compared with RM163.97 million previously. Frontken said its profit increases was mainly due to higher revenue, which was due to the group’s continuous efforts to improve its efficiency.

With the global promotion of 5G, new innovative technologies are being promoted and deployed. The company believes these developments in electronic and technology will have a positive impact on its business. Nevertheless, the company expects overall business conditions to remain uncertain for the remaining 6 months of 2020 as there is global uncertainty and downside risks exacerbate urgent concerns that Covid-19 may have a second wave of impact to the world.

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