EITA Resources posts flat 1Q net profit on lower revenue

TheEdge Mon, Feb 22, 2021 06:34pm - 3 years View Original


KUALA LUMPUR (Feb 22): EITA Resources Bhd, which makes elevator and busduct systems, saw its net profit for the first quarter ended Dec 31, 2020 slip 0.71% to RM6.03 million from RM6.07 million a year ago, on lower revenue.

The group’s quarterly revenue fell 5.53% to RM66.15 million, from RM70.02 million a year ago, its filing with Bursa Malaysia showed.

The group said the fall was due to lower revenue from marketing and distribution, manufacturing and high voltage system segments.

“However, this was mitigated by higher revenue from the services segment,” it said.

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

With the current order book and ongoing projects in hand, barring any unforeseen circumstances, Eita Resources said the board of directors expects the group to achieve satisfactory results for the financial quarter ending March 31, 2021.

“With the Covid-19 pandemic expected to continue to impact the general business environment, the group’s prospects in 2021 remain challenging.

“However, the group will continue to be vigilant to the changes in the external environment,” it said.

EITA Resources shares closed 6.5 sen or 6.31% lower at 96.5 sen today, valuing the group at RM267.8 million.

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