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BUSINESS

Kumpulan Perangsang Selangor posts higher net profit of RM2.64 mln in Q2 2022

26/08/2022 07:30 PM

KUALA LUMPUR, Aug 26 (Bernama) — Kumpulan Perangsang Selangor Bhd (KPS) posted a higher net profit of RM2.64 million in the second quarter ended June 30, 2022 (Q2 2022) from RM1.64 million a year earlier, following demand normalisation and volatility in electronic chips (IC) supply. 

Revenue for the quarter under review widened to RM325.51 million from RM323.75 million previously, due to higher revenue from Aqua-Flo Sdn Bhd, CPI (Penang) Sdn Bhd and King Koil Licensing Company Inc.

In the first half of 2022 (H1 2022), KPS also recorded a marginally higher net profit of RM12.97 million versus RM12.64 million in H1 2021, while revenue increased to RM654.69 million from RM632.14 million. 

KPS managing director and group chief executive officer Ahmad Fariz Hassan said the normalisation of pandemic-boosted customer demand and continual shortages of IC supply were two significant factors in the manufacturing performance’s rather flat revenue.

“In particular, Toyoplas Manufacturing (Malaysia) Sdn Bhd's operations were hampered by the mandatory shutdown of our Dongguan and Shanghai plants due to China's zero-COVID policy,” he said. 

He said the group will be streamlining resources and operations, which may involve revisit of operational capacities for a more cost-efficient operational environment, in addressing Toyoplas’ operational challenges and mitigate the accompanying regulatory risks while managing escalated operating costs.

“Recession and inflation fears, coupled with macroeconomic uncertainty and volatility, may render the operating environment to remain challenging.

“With this in mind, we have realigned our expectations of the business’s prospects with the current external macro environment and our internal operational dynamics,” he said.

Nevertheless, he added that the group would remain vigilant and focus more on key priorities such as production and cost optimisation to preserve the core top line while defending the core earnings.

— BERNAMA


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