KUALA LUMPUR (Aug 23): Pelikan International Corp Bhd, which has disposed of its logistics centre in Germany for €81 million (RM400 million), posted a net profit of RM17.95 million for the second quarter, compared with a net loss of RM12.72 million in the preceding quarter.

The stationery maker saw earnings per share of 2.98 sen for the quarter ended June 30, 2021 (2QFY21), versus a loss per share of 2.11 sen in 1QFY21.

Revenue jumped 41.95% to RM287.33 million from RM202.41 million in 1QFY21, on higher sales of school products due to the "back-to-school" season in Europe, the group said in a bourse filing.

Pelikan did not recommend any dividend for the quarter.

On a year-on-year basis, net profit dropped 10.69% from RM20.1 million in 1QFY20, despite revenue growing 12.49% from RM255.41 million on higher sales achieved in the Americas and certain European countries.

“However, overall, the market sentiment is still weak in these regions. For the German market, departmental stores and other stationery stores benefited from lifted restrictions, with sales soaring 16.5% in the current quarter,” Pelikan said.

For the six months ended June 30, the group’s net profit plunged 55.59% to RM5.22 million, from RM11.76 million in the previous January-June period. Six-month revenue rose 5.84% to RM489.74 million, from RM462.69 million.

On its prospects, Pelikan said it will continue to remain cautious and carry on its efforts to improve productivity, initiate cost measures and focus on improving distribution efforts on less affected channels such as online and through cash and carry food retail channels.

Shares of Pelikan rose 5.75% or 2.5 sen to 46 sen today, giving the group a market capitalisation of RM276.56 million. The stock has gained 43.75% year-to-date from 32 sen on Jan 4.