Frontken posts improved 1Q earnings of RM17mil

  • Corporate News
  • Tuesday, 12 May 2020

KUALA LUMPUR: Frontken Corp Bhd is cautiously optimistic over its performance in the remaining months of 2020 following improved earnings in the first quarter of its financial year.

The group said in a filing with Bursa Malaysia that net profit in the first quarter ended March 31, 2020, jumped 10.4% to RM17mil from the previous corresponding quarter on the back of growth in its semiconductor businesses.

Earnings per share rose to 1.62 sen as compared to 1.47 sen in the previous corresponding quarter.

However, the group expects a challenging overall business condition due to the impact of Covid-19 on the world economy while the plunge in crude oil prices has added to the uncertain market outlook.

"We will need to remain vigilant in 2020 while standing ready to embrace new opportunities for profitable growth in an evolving market landscape," it said.

For the first quarter, group revenue rose 1.2% year-on-year to RM84.87mil on improved contributions from its semiconductor business in Taiwan.

However, the group's oil and gas subsidiaries in Malaysia, Singapore and the Philippines experienced a slowdown in business while the movement control order resulted in a shorter business period in the quarter.

At 3.20pm, shares in Frontken were trading one sen higher at RM2.29 per share on the back of 3.6 million units traded.
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