KUALA LUMPUR: Magni-Tech Industries Bhd, which posted a lower net profit of RM21.8mil in the second quarter ended Oct 31 (2Q), is cautiously optimistic about its business outlook.
“The group remains cautiously optimistic over the business outlook for the remaining quarters of the current financial year ending April 30, 2024 (FY24),” the garment manufacturer said in a filing with Bursa Malaysia.
Magni-Tech’s revenue in 2Q decreased by 16.2% to RM287.6mil compared with RM343.04mil in the same quarter last year while earnings per share stood at 5.03 sen against 5.76 sen a year ago.
It said the garment segment’s revenue for 2Q was down 15.6% to M266.2mil from RM315.6mil in 2QFY23 mainly resulting from lower sale orders received.
Its packaging revenue for 2QFY24 fell 22.1% to RM21.4mil from RM27.4mil in 2QFY23 mainly due to lower sale orders received.
In the first six months to Oct 31, it posted a net profit of RM54.5mil, up 11.2% from RM49.01mil a year ago, while revenue dipped 10.5% to RM611.9mil against RM683.9mil last year.
Magni-Tech has declared a second single-tier interim dividend of 2.2 sen. The entitlement and payment dates for dividend are fixed on Dec 20 and Jan 8, 2024 respectively.