QL Resources' net profit rises to RM92.80mil in 1Q24

KUALA LUMPUR: QL Resources Bhd's net profit for its first financial quarter ended June 30, 2023 (1Q FY2024) rose to RM92.80 million from RM82.42 million in 1Q FY2023.

Revenue also improved by five per cent to RM1.59 billion versus RM1.52 billion previously, the integrated agro-based business group said in a filing with Bursa Malaysia today.

Its marine product manufacturing (MPM) current quarter sales increased marginally year-on-year, mainly due to the strong performance of fishing activities, higher export demand and selling price.

Earnings improved by 14 per cent, mainly due to improved margins with production efficiency and higher export sales.

On prospects for 2Q FY2024, it said despite the high-interest rate environment and weak global economic outlook, the management is cautiously optimistic that its business performance would continue to remain satisfactory, with subsidies by the Malaysian government helping to mitigate the high farming costs. - Bernama