KUALA LUMPUR: Tex Cycle Technology (M) Bhd
said there are positive signs in the scheduled waste management business given the government's push for the compliance of waste generators and promotion of the renewable energy space.
"Tex Cycle being already one of the key players to this ESG sector would definitely be of support towards this directive and work towards this agenda especially with the drive from Bursa and many of the financial institutions," it said in comments accompanying its results filing with Bursa Malaysia.
In the second quarter ended June 30, 2024, the group recorded a net profit of RM2.51mil, which was half the net profit of RM5.07mil in the previous corresponding quarter.
This translates to an earnings per share of 0.99 sen against 2.1 sen in the year-ago quarter.
The group's revenue was slightly lower at RM8.26mil as compared to RM8.47mil in the comparative quarter.
Group CEO Gary Dass Anthony Francis said Tex Cycle has continued to demonstrate prudent financial management and vigilance in operational activities despite challenging market conditions.
"Our approach, combined with strategic foresight, has allowed us to manage fluctuations effectively and maintain stability.
"This not only reflects our commitment to sustainable practices but also ensures that we remain resilient and strategically positioned to capitalise on future opportunities," he said in a statement.
Over the first half of the year, Tex Cycle's net profit came to RM9.11mil, which was higher than RM6.81mil in 1HFY23 while revenue dipped to RM16.25mil from RM17.59mil in the year-ago period.
