PETALING JAYA: Nanyang Press Holdings Bhd has turned around in the first quarter ended Sept 30 with a whopping 194% jump in net profit to RM2.9mil compared with a net loss of RM3mil in the previous corresponding period.
In a statement yesterday, the company attributed the turnaround to effective strategies deployed and measures taken by the new management team in reducing operational cost. The new management would continue to strive for improvement in productivity and operational efficiency, Nanyang said.
While the environment in the remaining quarters would remain challenging due to poor consumer sentiment amid rising oil prices, the board was confident the positive performance would be sustained, the statement added.
In a filing with Bursa Malaysia, the company reported a slightly lower revenue of RM77.83mil from RM78.88mil a year ago. Its basic earnings per share stood at 3.73 sen against basic loss per share of 4.01 sen previously.