PETALING JAYA: Hextar Industries Bhd
saw its net profit for the first quarter ended March 31 plunging 78.1% year-on-year (y-o-y) to RM4.5mil, while group revenue eased 11.8% to RM238mil.
In a filing with Bursa Malaysia, the group attributed the reduced earnings principally to the lower average selling price of fertilisers – which has decreased significantly from their 2022 peak – despite the higher sales volume achieved during the quarter under review.
The picture becomes rosier if compared with the preceding quarter ended Dec 31, as Hextar had posted a turnaround in net profit from the RM12.8mil loss it incurred in the preceding quarter.
It said the local fertiliser industry is expected to recover and grow due to operations rearrangements by industry players, which had in the past been restricted by labour shortage and Covid-19 lockdowns.
