PETALING JAYA: Magni-Tech Industries Bhd
remains cautiously optimistic over its business outlook for the remaining quarters of its current financial year.
In a filing with Bursa Malaysia, the garment manufacturing and packaging firm said key risks on the horizon remain, going forward, with the timing and depth of US interest rate cuts leading to potential market volatility.
“Ongoing geopolitical tensions that could further threaten the global commodity market and supply chain,” it said.
For the third quarter ended Jan 31, 2024, Magni-Tech’s net profit rose to RM39.38mil from RM20.52mil in the previous corresponding quarter,
Revenue in the third quarter grew to RM392.19mil from RM281.83mil in the previous corresponding period.
Basic earnings per share stood at 9.08 sen versus 4.73 sen previously.
The company said profit from its garment division increased by 104.9% to RM49.15mil, mainly due to higher revenue, improved cost of sales ratio and higher foreign exchange gain by RM4.55mil.
For the nine months ended Jan 31, 2024, net profit rose to RM93.89mil from RM69.53mil in the previous corresponding period, while revenue grew to RM1bil from RM965.77mil a year earlier.
Magni-Tech also announced a third single tier interim dividend of 3.5 sen per ordinary share, to be paid on April 18.
