PETALING JAYA: A-Rank Bhd is cautiously optimistic about its outlook for the financial year ending July 31, 2024 (FY24), reiterating that it will continue to focus on improving cost efficiency and operational recovery.
Fresh from releasing results for its first quarter ended Oct 31 (1Q24), the aluminium billet manufacturer and property developer saw net profit sliding 9% year-on-year (y-o-y) to RM3.2mil, despite a y-o-y revenue growth of 14.3% to RM180.8mil.
The group pointed to higher business volume to the increase in revenue, but acknowledged that average selling prices were lower as compared to the corresponding quarter of last year.
“Our aluminium segment had reported a lower pre-tax profit of RM4.6mil for the quarter under review against RM5mil for the corresponding three months of 2022, mainly due to higher interest expenses compared to then.”
Its property development segment reported a pre-tax loss of RM1mil for 1Q24, compared with a loss of RM900,000 for the corresponding quarter previously.