KUALA LUMPUR (May 31): Perusahaan Sadur Timah Malaysia (Perstima) Bhd's net profit for the fourth quarter ended March 31, 2022 (4QFY22) rose 13.26% to RM14.44 million, from RM12.75 million a year ago, on higher sales volume and profit margin, partly offset by unrealised forex loss.

Revenue grew 86.79% to RM419.9 million from RM224.8 million due to a higher selling price coupled with higher sales volume, the tinplate producer said in a filing.

Perstima said the higher selling price lifted revenue contribution from Malaysia by RM120.4 million (88%), despite a lower sales volume.

Revenue for its business in Vietnam, meanwhile, rose by RM75.3 million (83.3%), also due to the higher selling price coupled with higher sales volume.

Perstima said its Philippines operation has yet to contribute any revenue as it is still at a preliminary stage after being registered in late 2018.

For the full financial year, Perstima's net profit dropped 10.69% to RM46.64 million from RM52.22 million in the previous financial year, despite revenue jumping 61.3% to RM1.34 billion from RM832.53 million.

Perstima said that with the economic effects of the Covid-19 continuing to linger and exacerbated by the Russia–Ukraine conflict, the group expects its growth and profitability to be affected by the increasing cost of raw materials, logistics and supply chain disruptions and the volatility of the ringgit against the US dollar exchange.

"In spite of the above, the diverse locations in which the group's manufacturing facilities are based [upon completion of construction of its new manufacturing facility] and the diverse markets in which the group sells its products may help the group cushion any negative impact," it added.

Perstima's share price last finished at RM3.81, bringing a market capitalisation of RM491.86 million.