Magni-Tech Q3 net profit up 50% to RM49mil


Magni-Tech’s revenue for the quarter under review also posted a 17.3% year-on-year jump to RM367.8mil, due to higher sale orders received for the manufacture of garments (92% of revenue), and flexible plastic packaging goods and corrugated cartons. (File pic shows The Inter-Pacific Packaging Sdn Bhd, a subsidiary of Magni-Tech Industries Bhd located in Puchong, Selangor, involved in corrugated packaging. )

PETALING JAYA: Magni-Tech Industries Bhd’s net profit rose nearly 50% year-on-year to RM48.95mil for its third quarter ended Jan 31, mainly due to higher sale orders received as well as a RM6.94mil gain on disposal of properties.

Magni-Tech’s revenue for the quarter under review also posted a 17.3% year-on-year jump to RM367.8mil, due to higher sale orders received for the manufacture of garments (92% of revenue), and flexible plastic packaging goods and corrugated cartons.

Earnings per share for the quarter under review was 11.29 sen, compared with 7.53 sen a year earlier.

For the nine months under review, net profit rose 3.8% year-on-year to RM96.5mil while revenue dropped 1.4% year-on-year to RM928.9mil, mainly due to the negative impact of the Covid-19 pandemic.

On its outlook, the group said the fourth financial quarter is expected to remain challenging due to the negative effects of the pandemic.

“The group will continue to implement proactive measures to control costs, capital expenditure and streamline its operations to mitigate the protracted impact of the Covid-19 pandemic, ” said the group.

The group declared a third single-tier interim dividend of 3.5 sen and a special dividend of one sen totaling 4.5 sen per share, to be paid on April 8,2021.

This brought total dividend declared for the first nine months of the financial year ending April 30,2021 to 8.3 sen, compared with 7.93 sen a year earlier.

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