PETALING JAYA: Tex Cycle Technology (M) Bhd
saw net profit for the second quarter ended June 30 (2Q24) shrink by half to RM2.5mil, as revenue saw a much smaller slide of 2.6% to RM8.3mil.
The company attributed the difference in net earnings to a fair value gain on quoted securities and unit trust, and an unrealised gain in foreign exchange in corresponding quarter of the preceding year.
Cumulatively however, net earnings surged 33.6% for the first half of 2024 (1H24) to RM9.1mil, despite a 7.6% drop in turnover to RM16.3mil.
Looking ahead, Tex Cycle believes there would be more positive signs in the market especially on the scheduled waste management business arena, with much more emphasis given by the government through the Environment, Natural Resources and Climate Change Ministry.
The group emphasised that it is currently more open to undertake mergers and acquisitions.
