Freight Management posts lower Q3 net profit of RM2.03mil

KUALA LUMPUR: Freight Management Holdings Bhd's net profit for the third quarter of its financial year ended March 31, 2020, contracted by 28.2% to RM2.03mil as compared to the previous corresponding quarter despite improved revenue.

The group declared a first interim dividend of one sen per share with entitlement and payment dates on July 10 and 28, 2020, respectively.

Revenue for the quarter rose to RM136.97mil, 6.7% higher than in the comparative quarter on the back of improved contributions across all business segments except for landfreight services.

In a statement, the group attributed the revenue growth to an increase in its activities especially in airfreight services.

However, pre-tax profit fell 24% to RM3.3mil due to ongoing costs for the new distribution services and the provision of trade receivables.

The group expects a challenging final quarter in the current financial year due to the slowdown in global economic activities and disruptions to its supply chain.

"Notwithstanding the challenges, the Group remains focus in its business and would continue to expand its customer base regionally and improve its cost management via operational efficiencies," it said.
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