In a filing with Bursa Malaysia yesterday, the semiconductor services and precision cleaning provider said in the fourth quarter, unrealised foreign currency exchange losses stood at RM0.7mil compared to foreign exchange gains of RM3.5mil a year earlier.
KUALA LUMPUR: Frontken Corp Bhd
’s net profit jumped 25.5% to RM6.3mil in the first quarter ended March 31, compared with RM5.02mil in the same period a year ago due to higher revenue and lower foreign exchange loss.
Its revenue in the first quarter increased by 5.75% to RM70.9mil against RM67.05mil a year ago mainly contributed by Ares Green Technology Corp (AGTC).
“The improved business performance achieved by AGTC was largely due to the positive growth of the semi-conductor business in the current quarter.
“However, slowdown in our customers’ business in the oil and gas sector resulted in a drop in business for the group’s subsidiaries engaged in that industry in Malaysia, Singapore and the Philippines,” Frontken said in the notes accompanying its financial results.
“While the group anticipates that the overall business conditions in the remaining three quarters of the current financial year to remain challenging, the group is cautiously optimistic that its performance for the remaining months will be satisfactory,” it said on its prospects.
Frontken added that the group will also continue to be vigilant in its cost management and continually explore ways to improve on its efficiency. The group’s priority will be to continue to focus its attention on the quality of its services and efficiencies so as to maintain its competitiveness.
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