KUALA LUMPUR (Dec 21): PT Resources Holdings Bhd posted a net profit of RM18.7 million for the second quarter ended Oct 31 (2QFY2024), double the RM8.34 million it made in the corresponding quarter a year ago, despite lower revenue, thanks to the group having secured supplies at competitive prices through bulk purchasing.

Earnings per share rose to 3.5 sen from 1.85 sen, the frozen seafood processor, wholesaler, and retailer's bourse filing showed.

While quarterly revenue decreased by 10.9% to RM111.7 million from RM125.4 million a year ago, dragged by a decline in overseas sales, the group's gross profit rose by RM6.3 million or 45.1% to RM20.1 million from RM13.8 million.

The group did not declare any dividend for the current quarter under review.

"Our strategic direction has been rightly deployed, and our commitment to outstanding operational practices has led to extraordinary profit growth in the second quarter of 2024," said PT Resources managing director Heng Chang Hooi on the group's latest quarterly earnings.

For the first six months of FY2024 (1HFY2024), the group's net profit rose by 47.5% to RM23.39 million from RM15.86 million in the preceding year's corresponding period, while revenue inched up 1.1% to RM243.3 million from RM240.65 million, supported by a rise in overseas sales of RM24.3 million, particularly from China.

Moving forward, PT Resources said it aims to take advantage of emerging market opportunities, especially with the gradual recovery of the global economy and the reopening of China's borders.

The group is also planning expansion in China and Indonesia, including the establishment of a new processing facility in Fuzhou City.

While anticipating the short- and long-term potential of the frozen seafood market, Heng said the group has not only continued to cultivate the local Malaysian market but also established new subsidiaries in China and Indonesia, aiming to seize major opportunities amid the rising tide of the global food and beverage industry.

The group will also continue to manage operational costs effectively and actively address challenges brought about by rising raw material and administrative costs, said Heng.

"We are confident that these measures will allow PT Resources to root deeper, strengthen our position, achieve sustainable profitability, and be better poised to quickly and effectively capitalise on emerging opportunities," he said in a statement.

Shares in PT Resources settled 1.5 sen or 2.88% higher at 54 sen on Thursday, giving the group a market capitalisation of RM286.24 million.