Tasco posts record quarterly revenue


KUALA LUMPUR: Logistics company Tasco Bhd reported a surge a quarterly revenue and profit as business volume swelled amid soaring international trade.

Higher shipment rates also boosted its margins.

Net profit in the three-month ended Sept 30 jumped 46% to RM15.7mil from RM10.7mil made a year ago.

Turnover climbed 38% to RM316mil.

"The latest quarterly results has again seen the Group achieved another record high in quarterly revenue and one of the highest in terms of profit for the period," Tasco said in a filing today.

Growth during the quarter, it said, was driven by all segments, with elevated freight rates boosting contribution from its international business segment to a new quarterly high.

"Surging ocean freight rates coupled with container shortage and port congestions prompted customers to ship out the shipments from sea mode to air mode," it said.

Going forward, Tasco said, the gradual reopening up of the global as well as the local economy following the successful vaccination program rollouts of key global and regional economies augur well for its business, as logistics is a business that thrives on economic activities and international business.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Tasco

   

Next In Business News

Study suggests Pfizer COVID-19 vaccine may only partially protect against Omicron
Oil CEOs raise alarm over market's readiness to drop fossil fuels
Oil rises 3%, extending rally as Omicron fears retreat
Omicron sets back airline industry's recovery hopes
GLOBAL MARKETS-Bulls take charge as Omicron concerns ease
Decision on 5G model next month
Citi picks Standard Charterd bank in Malaysia as front runner for Asia retail sales
Analysts upbeat about prospects for 2022
RHB targets digital transactions to grow above 95% in 2023
CIMB Group completes shareholding sale in CGS-CIMB Securities

Others Also Read


Vouchers