PETALING JAYA: Given the uncertain economic conditions, CJ Century Logistics Holdings Bhd
will adopt a cautious approach in the pursuit of business growth, as well as stringent cost control.
For the third quarter ended Sept 30, 2023 (3Q23), the logistics solution provider saw both its revenue and net profit decreasing to RM159.46mil and RM3.55mil from the RM230.16mil and RM6.36mil reported in 3Q22, respectively.
Basic earnings per share stood at 0.61 sen compared with 1.09 sen a year earlier.
In a filing with Bursa Malaysia yesterday, the group said the decrease in revenue and profit was mainly due to the decline in freight rates and reduced business volume contribution from its total logistics services segment customers.
Meanwhile, its procurement logistics services segment recorded a revenue of RM38.3mil during 3Q23, down from RM56.28mil in the previous corresponding quarter due to the lower export volumes handled.
Export revenue dropped to RM26.34mil in 3Q23 from RM33.42mil in 3Q22, mainly due to the customers’ seasonal demands.
As for the nine-month period ended Sept 30, 2023, CJ Century reported a revenue of RM590mil, down by 18.7% from the RM725.89mil recorded in the previous corresponding period.
Net profit halved to RM11.11mil, compared to the RM22.9mil reported previously, dragged down by its logistics services segment. It noted that this segment saw revenue and operating profit for the period tumbling by RM162.22mil and RM19.49mil to RM397.5mil and RM10.47mil respectively as compared to the previous corresponding period.
