JHM Q2 net profit jumps by over three-fold


JHM Consolidation, which manufactures electronics and mechanical-related products for the automotive, industrial, aerospace and medical devices sectors, announced that it recorded a net profit of RM9.32mil in the second quarter.

PETALING JAYA: JHM Consolidation Bhd’s net profit for the second quarter ended June 30, surged by more than three-fold year-on-year (y-o-y), thanks to stronger sales and a higher other operating income.

The group, which manufactures electronics and mechanical-related products for the automotive, industrial, aerospace and medical devices sectors, announced that it recorded a net profit of RM9.32mil in the second quarter.

In comparison, JHM posted a net profit of RM2.74mil in the previous corresponding quarter.

Revenue was up 43.9% y-o-y to RM69.27mil from RM48.12mil a year earlier.

Its other operating income surged by almost four-fold to RM6.9mil in the latest second quarter.

The sharp increase was due to the recognition gain of RM2.74mil from the disposal of leasehold land.

It also includes the RM3.46mil shortfall amount, which was received from the vendors after the acquired Mace Instrumentation Sdn Bhd failed to deliver profits as guaranteed.

JHM’s latest earnings per share stands at 1.67 sen. No dividend was declared for the second quarter.

Cumulatively, for the first half of financial year 2021, the group’s net profit more than doubled to RM18.33mil from the previous corresponding period’s RM8.03mil.

Revenue, on the other hand, increased by 47.5% y-o-y to RM142.59mil.

“The group’s commendable year-to-date financial performance was attributed to higher sales volume mainly in the automotive segment and the increase in profit after tax was in tandem with the increase in revenue as well as higher other operating income,” JHM said in a filing with the stock exchange yesterday.

Looking ahead, JHM said its outlook remains resilient.

This is despite the expectations that market conditions will continue to be volatile due to uncertainties in the global economic recovery from the impact of the Covid-19 pandemic.

JHM is continuing with its business expansion plans to support new customers from the automotive as well as industrial segments.

“Barring any unforeseen circumstances, the board believes that the group’s prospects in the current financial year ending Dec 31, 2021 will remain positive,” according to the group.

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