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.