PETALING JAYA: AKN Technology Bhd (AKN Tech), formerly an electronics lead frame manufacturer, successfully changed its core business to the production of coating chemicals for glove makers, enabling it to post markedly higher earnings.
The company recently reported a net profit of RM3.5mil for its first quarter (Q1) ended June 30, compared with a net profit of just RM509,000 in the preceding quarter and RM439,000 in the previous corresponding period. “Its core business is now in the supply of coating chemicals, an industrial consumable item, to the glove manufacturers. It’s a stable business and can grow with the glove industry,” said a fund manager.
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