Teck Guan Perdana posts higher 2Q net profit of RM2.32mil

KUALA LUMPUR: Teck Guan Perdana Bhd's net profit for the second quarter ended July 31, 2020, was 2.5% higher at RM2.43mil as compared to RM2.36mil in the previous corresponding quarter as revenue jumped on an increase in sales volume and selling price.

For the quarter under review, the group posted revenue of RM181.05mil, which was a 157% increase from RM70.55mil in the same quarter last year.

The bulk of the revenue increase was contributed by the group's palm oil products segment, which made up 98.23% of the group's revenue in 2Q.

Segment revenue jumped to RM177.85mil from RM67.89mil due to higher sales volume and selling price.

In its filing with Bursa Malaysia, the group said the palm-based industry remains challenging due to uncertainties in both the local and macroeconomic landscape owing to the ongoing Covid-19 pandemic.

"Nevertheless, in the face of external volatility and adversity, Management is cautiously optimistic and committed to ensuring sufficient space to manage future challenges.

"The Management will continue to intensify its efforts to focus on enhancing production yield together with operating cost optimisation to mitigate the negative impact on its profitability and liquidity so as to achieve a sustainable future," it said.

At 12.30pm, Teck Guan Perdana's share price was up five sen or 4.31% to RM1.21 apiece on the back of 19,000 units traded.
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