Jaycorp Q3 net profit down 67%

PETALING JAYA: Furniture manufacturer Jaycorp Bhd saw its third quarter ended April 30 net profit drop 67% to RM705,000 from RM2.11mil a year ago owing to a weak US dollar, higher production cost and sluggish economic conditions in its importing countries.

“Manufacturers in Malaysia are facing very challenging times especially in the furniture industry, having to accept orders with reduced gross margin in order to cover fixed cost and to remain competitive in the industry,” it told Bursa Malaysia yesterday.