KUALA LUMPUR (March 22): Flat steel product manufacturer Astino Bhd reported a fourfold surge in its net profit for the second quarter of financial year 2024 from a year earlier, on stronger sales and profit margin.

Net profit for the three months ended Jan 31, 2024 (2QFY2024) jumped to RM11.78 million from RM2.95 million in 2QFY2023, while revenue grew 18% to RM169.22 million from RM143.29 million.  

Earnings per share rose to 2.41 sen during the quarter from 0.6 sen per share, Astino’s bourse filing showed.  

Moving forward, Astino said it is cautiously optimistic of achieving a more sustainable performance as market demand for its product continues to remain firm, though it flagged escalating input costs and the weakening ringgit versus the US dollar.

For the first half of its FY2024 (1HFY2024), Astino’s net profit doubled to RM20.35 million, from RM10.27 million in 1HFY2023, which it also attributed a surge in sales and profit margin.

Cumulative revenue grew 7.52% to RM334.86 million from RM311.45 million.

Astino shares closed half a sen or 0.86% lower at 57.5 sen on Friday, giving it a market value of RM279.46 million.