KUALA LUMPUR: Kumpulan H&L High-Tech Bhd’s net profit leapt by more than four times to RM1.05 million in the first financial quarter ended Jan 31, 2017 (1QFY17) from barely RM237,000 in the previous corresponding quarter.

The company, which is involved in the industrial engineering sector, saw its quarterly revenue increase marginally to RM5.39 million in 1QFY17 versus RM5.33 million a year ago, according to its filing with Bursa Malaysia this evening.

The company’s operating expenses fell 9% to RM4.66 million in 1QFY17 from RM5.12 million in 1QFY16. Other income in the quarter under review was 125.2% higher at RM590,000 compared with RM262,000 a year earlier.

Two out of four of the group’s business segments, namely the property development and plantation sectors, gained momentum in 1QFY17, whereas the manufacturing and property investment divisions faltered.

The property development segment’s revenue and pre-tax profit were substantially lifted by higher sales from the Ipoh Phase 2 project.

Likewise, the plantation sector returned to the black thanks to more palms maturing in the past 12 months as well as higher fresh fruit bunches (FFB) production and price.

Revenue and pre-tax profit for the manufacturing segment shrank due to lower sales and narrower gross profit margin. On the other hand, the property investment segment posted slightly lower results due to a key tenant’s departure during the quarter, said the group.

“Barring unforeseen circumstances, the board foresees a challenging year ahead for the remaining quarters of the current financial year. Nevertheless, the directors endeavour to maintain the group’s current performance,” the group said.

Kumpulan H&L High-Tech Bhd’s share price settled 5.8% higher at RM1.10, valuing the group at RM40.23 million.