CEKD returns to the blank with net profit of RM1mil for Q1

NST Mon, Jan 30, 2023 07:24pm - 1 year View Original

KUALA LUMPUR: CEKD Bhd returned to the black with a net profit of RM1 million for its first quarter (Q1) ended November 30, 2022 (FY23), versus a net loss of RM270,000 a year ago due to one-off listing expenses, which did not recur in the quarter.

Revenue for the quarter rose to RM7.69 million from RM7.08 million in Q1 FY22, primarily contributed by manufacturing activities.

Approximately 85.2 per cent of the company's total revenue was derived locally, while the remaining 14.8 per cent was mainly derived from exports.

Moving forward, the company, in a filing to Bursa Malaysia, said the stability of the macroeconomic environment and policies play a significant role in long-term business planning.

"On October 10, 2022, Malaysia announced the dissolution of the Parliament, which resulted in great uncertainty for Malaysia until the government was formed again on November 24, 2022.

"The economic activity has been more sluggish than anticipated for that period.

"Therefore, our revenue was affected by macro uncertainty at that moment," it said in its exchange filing.

CEKD also announced that the Worldwide and Kit Technology acquisition was completed on September 2, 2022, and September 19, 2022.

"The acquisitions could not immediately contribute to the company's results for the same reasons we faced in this reporting quarter.

"Nevertheless, we are positive that these two acquisitions will complement our market share and improve our financial performance in the future," it added.

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