KUALA LUMPUR (March 18): Jaycorp Bhd’s second quarter net profit rose 88.04% to RM10.11 million from RM5.38 million a year earlier, largely supported by higher profit from its furniture and carton box manufacturing business.

Earnings per share for the quarter ended Jan 31, 2021 rose to 7.51 sen from 3.98 sen previously, the group said in a filing.

Quarterly revenue rose 12.44% to RM99.71 million from RM88.68 million a year ago, on the back of higher revenue from the furniture segment amid higher demand from the North American market.

The carton boxes and kiln-drying segments also saw higher demand, the group said.

Jaycorp declared a first interim dividend of five sen per share, payable on April 29.

For the six-month period ended Jan 31, 2021, Jaycorp’s net profit rose 97.93% to RM29 million from RM14.65 million in the previous year. This again was due to better income from the furniture and carton boxes segment, as well as a swing to profit for the kiln-drying segment.

Half-year revenue rose 25.4% to RM206.92 million from RM165.01 million.

On prospects, Jaycorp highlighted it is monitoring the recent global shortage of containers which has disrupted imports of raw materials and exports of finished goods.

Shares of Jaycorp rose six sen or 3.43% to close at RM1.81, valuing the group at RM248.42 million.