KUALA LUMPUR: Magni-Tech Industries Bhd
is optimistically cautious over the business outlook for the remaining quarters of the financial year ending April 30, 2024 (FY24).
“We will continue to be vigilant in cost management and to drive operational efficiency to remain competitive as well as to drive sales and production output,” the garment manufacturer said in a filing with Bursa Malaysia.
Magni-Tech’s net profit for the first quarter ended July 31, 2022 (1Q24) jumped 36.2% to RM32.7mil from RM24mil a year ago.
Revenue, however, was 4.8% lower at RM324.4mil against RM340.9mil previously while earnings per share climbed to 7.55 sen from 5.54 sen a year prior.
The group’s businesses are principally divided into two business segments, namely the manufacturing and sale of garments, and flexible plastic packaging goods and corrugated cartons.
It said the garment segment accounted for 93.2% and 94.4% and all of the group's revenue and profit from operations (before gain on disposal of property and unallocated corporate expenses) respectively for the financial period.
Magni-Tech has declared a single tier interim dividend of 2.8 sen. The entitlement and payment dates for dividend are fixed on Sept 26 and Oct 12 respectively.
