Lower revenue drags SKP Resources' 2Q net profit down 20%

TheEdge Thu, Nov 29, 2018 06:43pm - 5 years View Original


KUALA LUMPUR (Nov 29): SKP Resources Bhd saw its net profit fell 19.9% to RM28.1 million or 2.25 sen per share for the second quarter ended Sept 30, 2018 (2QFY19), from RM35.08 million or 2.86 sen per share last year, no thanks to lower revenue from existing key customers.

Its quarterly revenue was also down 19.68% to RM477.23 million, from RM594.16 million a year ago, according to the group's filing to Bursa Malaysia today.

For the cumulative six months ended Sept 30, 2018, its net profit declined 21.19% to RM53.94 million or 4.31 sen per share, from RM68.44 million or 5.57 sen per share last year, while revenue slipped 18.88% to RM907.75 million, from RM1.12 billion a year ago.

Looking ahead, SKP Resources said the board of directors expects the group to remain profitable.

"Prospects remain good and the board is optimistic and expects orders from existing and new customers to contribute positively to the group's performance for the financial year ended March 31, 2019," it said.

Going forward, the group said it shall keep its sight firmly to develop its market further in the electronics manufacturing services sector and continue to pursue vertical integration status.

At the closing bell, SKP Resources' shares were up one sen or 0.94% to RM1.08, for a market capitalisation of RM1.35 billion. Year to date, the counter plunged about 50.89% from RM2.20.

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