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KUALA LUMPUR (March 8): Magni-Tech Industries Bhd’s latest quarterly net profit increased 49.9% to RM48.95 million, from RM32.66 million a year earlier, thanks to higher revenue and a gain in the alienation of property.
Earnings per share for the third quarter ended January 31, 2021 (3QFY21) increased to 11.29 sen, from 7.53 sen previously, the group’s stock market presentation showed.
The group declared a dividend of 3.5 sen / share plus a special dividend of one sen / share, for a total payment of 8.3 sen for the nine-month period ended January 31, 2021 (9MFY21), compared to 7.93 sen at 9MFY20.
Less profit on disposal, Magni-Tech’s profit before tax (PBT) grew 28.9% year-on-year to RM 54.44 million from RM 42.25 million as the apparel segment posted higher revenue, while the packaging segment also benefited from higher revenues and lower raw material costs in the period.
Quarterly revenue increased 17.3% to RM367.82 million from RM313.55 million, thanks to higher sales orders for the apparel and packaging segments.
For 9MFY21, Magni-Tech’s net profit increased 3.77% to RM96.54 million from RM93.04 million previously, partly supported by the gain on the disposal of properties.
Minus the one-time gain, the group’s PBT in the nine-month period still held up well despite the Covid-19 pandemic, falling 3.36% to RM116.54 million from RM120.58 million.
This was due to lower revenues, lower investment-related income and higher foreign exchange losses in the apparel segment, offset by better performance of the packaging segment in lower raw material costs and higher revenues.
Nine-month revenue fell 1.41% to RM 927.92 million from RM 942.21 million, thanks to lower sales orders from the apparel segment, offset by an increase in sales orders and revenues from the packaging segment.
Magni-Tech shares rose two sen or 0.86% to close today at 2.34 yuan, valuing the group at 1.02 billion ringgit.
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