KUALA LUMPUR: Homeritz
Corp Bhd is optimistic about maintaining profitability for the financial year ending Aug 31, 2024.
The furniture manufacturer said it facing global economic uncertainties, higher production costs, and fluctuating exchange rates.
“Given the above scenario, the group will continue to remain focus in their core business of design, manufacture, and sale of upholstered home furniture which includes upholstered sofas, upholstered dining chairs and upholstered bed frames,” it said in a filing with Bursa Malaysia.
The group is focused on developing new products, redesigning existing ones, improving cost efficiency, and managing costs effectively across all functions.
In the second quarter ended Feb 29, Homeritz’s net profit surged 66% to RM9.2mil compared with RM5.6mil posted in the same quarter a year ago.
Its revenue jumped 44.6% to RM57.6mil against RM39.8mil a year ago while earnings per share rose to 1.99 sen from 1.20 sen previously.
Homeritz said the increase in both revenue and profit was mainly attributed to the increase in the volume sold. This was further helped by a stronger US dollar compared with the corresponding period last financial year.
In the first six months to Feb 29, the company posted a net profit of RM18.3mil, up 54% from RM11.8mil while revenue rose 41.4% to RM111.3mil against RM78.7mil.
