Zantat Holdings Bhd managing director Ivan Chan Bin Iuan
KUALA LUMPUR: Zantat Holdings Bhd managing director Ivan Chan says the launch of its bioplastic compound Earthya has been well-received by the industry, with increasing interest coming from both existing and potential clients.
Since the launch of Earthya in the first quarter of 2024, the group has been collaborating with downstream strategic partners to promote the product in the consumer market to reach a broader audience.
"In anticipation of this growing demand, we are dedicated to enhancing our production capabilities.
"Additionally, our research and development team are actively working on expanding our bioplastic product line," said Chan in a statement.
Zantat announced a net profit of RM1.93mil in the first quarter ended March 31, 2024, on revenue of RM28.76mil, of which 85.8% was derived from the production of ground calcium carbonate.
On a quarter-on-quarter (q-o-q) basis, Zantat's net profit was up 75.9% from RM1.1mil due to unrealised foreign exchange gain resulting from the stronger US dollar, as well as lower provision for bonus in the current quarter.
Revenue, however, was down 9.3% q-o-q from RM31.71mil due to lower demand for ground calcium carbonate products.
There are no comparative figures for the preceding year's corresponding quarter as Zantat was listed on the ACE Market of Bursa Malaysia on March 27 this year.
Zantat's board of directors declared a first interim dividend of 1.5 sen per share with entitlement date on June 11, 2024, and payable on June 25, 2024.
