Plastics contract manufacturer SKP Resources Bhd's net profit fell by 22.6% to RM25.83mil from RM33.35mil a year ago due to a decline in its revenue.
KUALA LUMPUR: Plastics contract manufacturer SKP Resources Bhd
's net profit fell by 22.6% to RM25.83mil from RM33.35mil a year ago due to a decline in its revenue.
It announced on Friday its revenue fell by 18% to RM430.52mil from RM524.87mil. Earnings per share were 2.07 sen compared with 2.71 sen.
“The decrease in revenue for the first quarter ended June 30, 2018 of 18% and profit before tax of 23.8% (to RM33.45mil) was mainy due to the lower revenue recorded from existing key customers during the period,” it said.
SKP Resources also said compared with the preceding quarter ended March 31, 2018, its net profit fell by 9.7% from RM28.61mil while revenue declined by 7.8% from RM466.78mil.
On the outlook, the board of directors expected the group to remain profitable.
“Prospects remain good and the board is optimistic and expects orders from existing and new customers to contribute positively to the group's performance for the financial year ended March 31, 2019,” it said.
SKP Resources said it would push ahead to develop its its market further in the EMS sector and continue to pursue vertical integration.
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