KUALA LUMPUR: Mi Technovation Bhd’s net profit rose almost 50% to RM10.29mil in the first quarter ended March 31 from RM6.87mil a year ago driven by higher sales revenue, lower commission payable to external sales agent and foreign exchange gain.
In a filing with Bursa Malaysia, the company said there was also an increase in general and administrative expenses for the quarter due to headcount increase, depreciation and maintenance cost of Bayan Lepas factory.
However, it added that increased expenses were offset by the higher profits of the group.
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