PIE Industrial Bhd’s earnings jumped 74.5% year-on-year (YoY) to RM10.7 million for its second-quarter (2Q) ended June 30 on higher turnover, lower operating costs and the reversal of slow moving inventory.

In an exchange filing yesterday, the cable and wire manufacturer for electronics and computer products noted that its revenue rose 29.6% YoY to RM176.07 million, driven by higher demand from its customers for electronics manufacturing activities, raw wire and cable products.

The group noted both net profit and revenue gains were offset by higher provision for doubtful debts and lower revenue from wire harness products respectively.

It foresees a steady revenue growth for the ongoing financial period, due to increasing orders from existing customers and ongoing projects.

The group declared a five sen dividend for the 2Q.