Magni-Tech Q2 net profit at RM21mil


The group which manufactures and sells garments and flexible plastic packaging goods and corrugated cartons, also saw a 7.8% quarter-on-quarter drop in revenue to RM269.1mil mainly due to lower garment sale orders.

PETALING JAYA: Magni-Tech Industries Bhd posted a 22.1% quarter-on-quarter drop in net profit to RM20.84mil for the second quarter ended Oct 31, mainly due to the negative impact of the Covid-19 pandemic, and and higher foreign exchange losses.

The group which manufactures and sells garments and flexible plastic packaging goods and corrugated cartons, also saw a 7.8% quarter-on-quarter drop in revenue to RM269.1mil mainly due to lower garment sale orders.

On a year-on-year basis, net profit and revenue dropped 30.2% and 10.7% respectively during the quarter’

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