Astino net profit falls 48% in 3QFY22 as higher input cost weighs

TheEdge Fri, Jun 24, 2022 06:35pm - 1 year View Original


KUALA LUMPUR (June 24): Flat steel products manufacturer Astino Bhd saw its net profit nearly halved in the third quarter ended April 30, 2022 (3QFY22) as profit margin was hurt by higher cost of materials amid weak market demand, which led to competitive pricing.

Net profit for 3QFY22 fell 48% to RM11.76 million from RM22.79 million a year ago, while revenue remained flat at RM156.48 million, according to the group's quarterly earnings report to the local stock exchange.

For the cumulative nine-month period ended April 30, 2022, net profit was 23% lower at RM40.17 million from RM52.35 million in the previous corresponding period, while revenue fell 7.5% to RM454.91 million from RM491.97 million.

Going forward, the group expects demand to stay moderate amid escalating input costs and a weaker ringgit against the US dollar.

Nonetheless, the group is "cautiously optimistic" to achieve a more sustainable performance as market demand for its products continues to remain firm.

Shares of Astino gained half a sen or 0.98% to 51.5 sen, giving it a market capitalisation of RM254.11 million.

The content is a snapshot from Publisher. Refer to the original content for accurate info. Contact us for any changes.






Related Stocks

ASTINO 0.590

Comments

Login to comment.