KUALA LUMPUR: PGF Capital Bhd recorded a net profit of RM4.13 million in its second quarter (Q2) ended August 31, 2022 (FY23) from a net loss of RM994,000 in the same period last year. 

The turnaround was attributed to an increase in production output which resulted in the increase of sales delivery and sales revenue. 

Revenue for the quarter rose 121 per cent to RM22.48 million from RM10.17 million in Q2 FY22 mainly due to higher production output and higher sales revenue attributed to its insulation segment. 

Meanwhile, the company's investment holding segment registered a pre-tax profit of RM0.24 million while its property development segment incurred a loss before tax of RM0.15 million. 

For the six month period, net profit surged 807.7 per cent to RM9.13 million from RM1.0 million.

Revenue for the period stood at RM48.38 million versus RM27.23 million in the corresponding period last year. 

"Considering the performance of the Group has been consistent, PGF has declared a first interim dividend of 1.00 sen per ordinary share, amounting to RM1.61 million.

"We believe in rewarding our shareholders for their confidence and support," said executive chairman Fong Wern Sheng.

Fomg added the company is cautiously optimistic about its future as demand from the Oceania region continues to be strong as the construction sector is growing with the revision in the

National Construction Code (NCC) in Australia and Building Code in New Zealand

next year. 

"This bodes well with PGF's expansion plans in the region," he said.