Genetec says EV sector orders lifted Q1 earnings

KUALA LUMPUR: Genetec Technology Bhd, whose share price has more than doubled over the past one month, posted a net profit of RM8.1mil in the first quarter.

Revenue was RM40.23mil.

"The increase in net profit before tax was mainly attributed to a higher sales volume and improved operational efficiency," the company said in a filing with Bursa Malaysia today.

"The Group has achieved a strong order book primarily from the Electric Vehicle (EV) sector which has significantly contributed positively to the performance of the current quarter and will be expected to continue performing in the subsequent quarters barring unforeseen circumstances," it added.

Earnings per share in the three month ended June 30 stood at 16.28 sen a share.

The stock was last traded at RM19.64 on Thursday.