Tomei’s 3Q net profit surges over six times to RM14m on higher sales, margins
KUALA LUMPUR (Nov 2): Tomei Consolidated Bhd’s net profit for the third quarter ended Sept 30, 2020 (3QFY20) jumped more than six times to RM13.6 million from RM2.08 million a year ago, driven by better profit margin.
The group told Bursa Malaysia its revenue for 3QFY20 rose 52.14% to RM180.63 million, from RM118.72 million a year ago.
Earnings per share rose to 9.82 sen from 1.5 sen in 3QFY19.
The group attributed the growth in revenue to higher sales volume and selling price in its retail, manufacturing and wholesale operating segments.
For the nine months ended Sept 30, 2020, the group’s net profit increased by three-fold to RM19.5 million, from RM6.06 million a year ago.
Earnings per share jumped to 14.07 sen from 4.38 sen previously.
Its revenue for the period, however, slipped 3.27% to RM384.56 million, from RM397.57 million a year ago.
The group said customer traffic in shopping malls has decreased significantly since the implementation of the conditional movement control order (CMCO) in Selangor, Kuala Lumpur and Putrajaya.
Tomei said if restrictions are extended, its businesses will be severely affected.
“The group will continue to monitor the current situation and take necessary measures to sustain its operation,” it said.
Tomei closed unchanged at 78 sen today, valuing the group at RM108.11 million.