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SKPRES (7155): SKP RESOURCES BHD post RM44m net profit in 2Q

KUALA LUMPUR: SKP Resources Bhd’s net profit for the second quarter ended Sept 30, 2020 (Q2), rose to RM44.07 million from RM24.91 million recorded in the same period a year ago.

Revenue increased to RM726.31 million from RM486.86 million previously, due to strong demand from existing key customers, it said in a filing with Bursa Malaysia today.

For the first six months of its current financial year ending March 31, 2021, the group recorded a net profit of RM54.1 million on the back of a turnover of RM1.12 billion, compared with a net profit of RM43.40 million on a turnover of RM849.4 million previously.

Compared with the preceding quarter, revenue had substantially increased by 82.2 per cent to RM726.3 million from RM398.5 million due to the contribution from full operation during the quarter.

"The current quarter comprised three months of full operation compared to only two months of operation in the preceding quarter as a result of the Movement Control Order in April,” it said.

On prospects, the group said it will continue to pursue opportunities to grow its market share from existing customers.

"We will continue to expand our printed circuit board assembly service, injection moulding and engineering capabilities to take advantage of a widened product portfolio.

"The group remains driven to achieve profitable growth, focusing on the continuous pursuit of operational excellence,” it said, adding it continued to receive enquires from both existing and potential new customers for new projects, notwithstanding the current market conditions. - Bernama

https://www.thestar.com.my/business/business-news/2020/11/20/skp-resources-post-rm44m-net-profit-in-2q

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