KUALA LUMPUR: Leon Fuat Bhd
said it is hopeful over the final quarter of FY24 as external challenges such as steel price volatility and currency fluctuations persist.
"We will continue to leverage our operational strengths and strategic initiatives to maintain profitability and create long-term value for our stakeholders," said executive director Calvin Ooi Shang How in a statement.
In the third quarter ended Sept 30, 2024, the steel products manufacturer posted net profit of RM162,000 compared to RM5.34mil in the year-ago quarter, for an earnings per share of 0.05 sen against 1.57 sen previously.
The group said the decline was primarily due to a RM2.7mil write-down of inventories to the net realisable value in the quarter, which was absent in Q3FY23.
Excluding this, the group achieved a higher overall gross profit margin of 9.0%, an increase of 1.3 percentage points compared to 7.7% in 3QFY23.
Meanwhile, the group's revenue dropped to RM230.44mil from RM236.36mil in the comparative quarter.
In the nine months period, Leon Fuat's net profit was RM12.41mil on revenue of RM682.7mil as compared to a net profit of RM27.95mil and revenue of RM687.48mil in 9MFY24.
