KUALA LUMPUR: Luxchem Corporation Bhd's net profit jumped 65% to RM14.20mil in the third quarter ended Sept 30,2020 from RM8.58mil a year ago, boosted by its stronger trading segment.
The company, which distributes industrial chemicals and material, announced on Tuesday its revenue increased by 2% to RM191.26mil from RM187.48mil. Earnings per share were 1.59 sen compared with 0.96 sen.
Luxchem reported that for the nine months, its net profit rose by 13.1% to RM31.76mil from RM28.07mil in the previous corresponding period. Its revenue fell by 12.5% to RM506.03mil from RM578.32mil.
The company manufactures unsaturated polyester resins and latex chemical dispersion and related products for the latex industry.
As at Sept 30 this year, it has cash and bank balances of RM131.83mil comparedwith RM126.47mil at end-December 2019. Its trade and other receivables declined to RM127.78mil from RM135.61mil over the same period.
Trade and other payables declined to RM39.60mil from RM56.66mil while bank borrowings declined to RM51.85mil from RM63mil.