Tasco delivers record profits on higher air freight business

KUALA LUMPUR: Logistics firm Tasco Bhd posted a record profit in the financial year ended March 31, 2021, boosted by the group's international business solutions (IBS).

The group registered a net profit of RM16.34mil in the fourth quarter ended March 31, lifting its full year (FY21) earnings to RM41.3mil.

Revenue jumped to RM946mil in FY21 compared with RM747mil made a year ago.

Tasco said IBS revenue rose 70% to RM406mil.

"The revenue surge was driven by the air freight forwarding (AFF) segment," it said.

The company said a new client in the electronic sector and elevated air freight rates due to tight supply and port congestions particularly in the third and fourth quarter ended March 31 contributed to the improved results.

"Our expectations is that our IBS will be able to sustain its performance well into 2021," it said.