Monday, September 26, 2011

Magni-Tech 1Q net profit jumps 43.7% to RM7.4m

KUALA LUMPUR: MAGNI-TECH INDUSTRIES BHD [] net profit for the first quarter ended July 31, 2011 jumped 43.7% to RM7.4 million from RM5.15 million a year earlier, attributed to higher garment revenue.

It said on Monday, Sept 26 that revenue for the quarter rose to RM141.71 million from RM116.29 million in 2010, due mainly to increase in sale of garments and packaging goods arising from higher sale orders received.

Earnings per share was 7.04 sen compared to 4.98 sen in 2010, while net assets per share was RM1.56.

Reviewing its performance, Magni-Tech said its garment business revenue was derived from export sales and was primarily transacted n US dollars.

'The strengthening of the ringgit against US dollars subsequent to the current quarter may erode the profit margin of the garment business,' it said.

On its prospects, Magni-Tech said that barring unforeseen circumstances, the company expected to achieve satisfactory results for the remainder of the financial year.

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