Ajiya 3Q net profit surges on sale of Thai property

Scomi Group Bhd surprised investors when it proposed to revise its current issued share capital reduction from RM224.96mil to RM3mil from the earlier RM40mil.

PETALING JAYA: Ajiya Bhd’s net profit surged more than 14 times in the third quarter ended Aug 31 to RM16.8mil from RM1.2mil a year ago due to one-off gain from the sale of its property in Thailand.

In a filing with Bursa Malaysia, the company said on Friday the jump in net profit was also driven by foreign exchange gain from the repayment of loans from its subsidiaries.

Its revenue for the quarter increased by 4.4% to RM96.2mil from RM92.2mil previously driven by demand of its metal products.

Ajiya managing director Datuk Chan Wah Kiang said going forward, the company will continue focusing on its fundamentals, and roll out initiatives that will strengthen and diversify the income stream.

“The group is strongly poised to take advantage of our long-term strategy to be a total solutions provider through our Ajiya Green Integrated Building Solutions (AGIBS).”

“Our traditional business of providing building materials such as our metal and glass products will put us in good stead as part of a total solutions provider. In the same vein, our traditional business bodes well with our current business venture,” he said in a statement.

For the nine-month period, net profit jumped 92% to RM22.8mil from RM11.9mil in the previous corresponding period. Revenue was 5% higher to RM290.7mil from RM276.5mil.