FPI 9172 FORMOSA PROSONIC INDUSTRIES 3Q net profit gains 77% on higher sales and forex gains

 FPI 9172 FORMOSA PROSONIC INDUSTRIES 3Q net profit gains 77% on higher sales and forex gains

KUALA LUMPUR (Nov 17): Electronic manufacturer Formosa Prosonic Industries Bhd saw its third quarter net profit rise 77.18% to RM44.24 million from RM24.97 million a year earlier, supported by higher sales and gain on foreign exchange.

Earnings per share for the quarter ended Sept 30, 2022, increased to 17.32 sen from RM10.09 sen previously, the group’s bourse filing showed.

Quarterly revenue expanded 26.67% to RM300.1 million from RM236.92 million.

For the nine months ended Sept 30, 2022, net profit rose 42.46% to RM97.84 million from RM68.68 million a year earlier, as revenue increased to RM803.29 million from RM678.34 million.

Formosa Prosonic said strong headwinds continued to arise from rising inflation and interest rates, and downward revision to the demand outlook.

As such, the group said it would continue to face more challenges and uncertainties in the worldwide marketplace.

Formosa Prosoic shares closed unchanged at RM3.18 on Thursday (Nov 17), valuing the group at RM813 million.

Over the last one year, the counter has fallen by 16%.

http://www.theedgemarkets.com/article/formosa-prosonic-3q-net-profit-gains-77-higher-sales-and-forex-gains