KUALA LUMPUR: PT Resources Bhd is taking a longer-term view for growth as it recognises the short-term challenges of cost pressures and foreign currency volatility.
Managing director Heng Chang Hooi said the group is committed to growing its market domestically through strengthening access to channel partners and opening up more of its MO Foodmart outlets locally.
At the same time, he said the group is looking to increase supply to China.
In a statement today, PT Resources announced a net profit of RM1.97mil in the third quarter of its financial year, which compares to a net profit of RM4.7mil in the same quarter last year.
The group's earnings per share fell to 0.37 sen from 1.17 sen in comparative quarter.
Revenue meanwhile was up 32% year-on-year (y-o-y) to RM115.44mil from RM87.45mil.
"The company’s financial performance for the quarter was mainly due to an increase in domestic demand with the reopening of the economy while the increase in overseas demand was due to a rise in orders from existing customers in China in anticipation of higher demand for frozen seafood following the relaxation of COVID-19 quarantine rules,” said Heng.
By segment, the group said its processing and trading of frozen seafood products business contributed revenue of RM108.8mil in 3QFY23 while the trading of other products business contributed revenue of RM6.6mil.
By geographical market, Malaysia contributed revenue of RM57.7mil while overseas markets comprising China and Saudi Arabia contributed revenue of RM57.7mil.
Over the nine months period to Jan 31, 2023, PT Resources recorded a net profit of RM17.83mil, higher than RM16.89mil on the same period in 2022.
The group's revenue over the three quarters rose to RM356.09mil from RM275.38mil.
According to the group, for the nine-month period there was also an 84% increase in administrative expenses to RM23.9mil due to one-off expenses resulting from listing expenses of RM4mil, an unrealised loss of RM4.6mil from foreign exchange volatility in 3Q FY2023 and an increase in staff costs of RM1.3mil.