Sapura Industrial Bhd posted a RM1.05 million net profit in the second quarter ended July 31, 2018 (2Q18) compared to a net loss of RM1.03 million recorded a year ago due to higher revenue achieved in the quarter.
Revenue rose 33.5% year-on- year (YoY) to RM57.51 million in the three-month period mainly due to higher demand from original equipment manufacturers towards the latter half of the year due to the tax holiday in June and July 2018.
For the first half of the financial year ending Jan 31, 2019 (FY19), Sapura Industrial generated a higher revenue of RM108.1 million compared to the RM98 million made in the same period YoY due to the higher revenue achieved in 2Q18, resulting in a net profit of RM1.1 million for the first six-month period of FY19.
The net loss of RM1 million in the same period last year was due to non-recurring expenses.
“The outlook for 2018 will continue to be challenging for the automotive sector. As such, the group has intensified its efforts to further strengthen operational efficiency,” Sapura Industrial noted in an exchange filing yesterday. — TMR