Tuesday, December 20, 2011

Ingress 3Q earnings jump 222% to RM6.74m from RM2m yr ago

Larger Smaller Reset KUALA LUMPUR (Dec 20) INGRESS CORPORATION BHD []'s earnings surged 222% to RM6.73 million in the third quarter ended Oct 31, 2011 from RM2.09 million a year ago, underpinned by its automotive component manufacturing and dealership businesses.

It said on Tuesday, revenue declined 18.6% to RM159.67 million from RM196.11 million while earnings per share were 8.77 sen compared with 2.72 sen.'' Pretax profit was 67.2% higher at RM10.20 million compared with RM6.10 million a year ago.

Ingress said the automotive division, which included the automotive component manufacturing division and premium automotive dealership, recorded revenue of RM151.50 million and profit before tax of RM11.70 million compared with revenue of RM170.70 million and profit before tax of RM6.30 million a year ago.

For the current quarter, the pre-tax profit was higher at RM10.2 million when compared with the second quarter's RM5.4 million mainly due to the recovery from the impact of the March 2011 earthquake and tsunami in Japan especially to the Thailand's automotive industry.

For the nine-month period, its earnings increased by 15.9% to RM17.42 million from RM15.03 million in the previous corresponding period but revenue declined 10.3% to RM512.81 million from RM572.09 million.

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