KUALA LUMPUR: Pensonic Holdings Bhd
has attributed the net loss it posted in its second quarter ended Nov 30, 2022 (2Q22) to higher operating expenses and lower sales.
However, it has forecast a better financial performance for the quarters ahead.
The electrical appliances company reported a net loss of RM834,000 in 2Q22 versus a net profit of RM3.19mil in the same quarter a year ago.
Revenue for the quarter shrunk by about 30% year-on-year (y-o-y) to RM58.46mil, it said in a filing with Bursa Malaysia.
“The lower profit in the current quarter is due to lower sales and higher operating expenses in the current financial period,” it said.
On its outlook, Pensonic said the global macroeconomic issues from rising inflation to increasing interest rates and growing risk of a recession continued to challenge the local economy which impacts consumer confidence and purchasing power.
“Amid the challenges, the group has embarked on enhancing its supply chain through a collaboration that is expected to contribute to better financial performance moving forward,” it said.
For the cumulative year-to-date period ended Nov 30, Pensonic reported a 127% y-o-y fall in its bottom line to a net loss of RM1.45mil while revenue fell by 18% y-o-y to RM131.86mil.
The Penang based electrical appliances company makes and sell the products under its Pensonic brand and it also owns the Lebensstil Kollektion from Germany and acquired Cornell from the United States.
The group holds the sole distributorship rights in Malaysia for brands such as Princess of Holland, GE Appliances of the United States and Morphy Richards of the United Kingdom.
