07/11/2023 03:27 PM

KUALA LUMPUR, Nov 7 (Bernama) -- Hartalega Holdings Bhd posted a lower net profit of RM27.70 million in the second quarter ended Sept 30, 2023 (2Q FY2024) from RM28.34 million a year ago in line with the lower revenue attributed to lower sales volume and lower average selling price (ASP).

The revenue has down 22.7 per cent to RM452.09 million from RM584.56 million previously.

In a filing with Bursa Malaysia, Hartalega said the group registered a lower operating profit of RM16 million in tandem with the drop in revenue, after offset with savings arising from lower operating costs.

“Nevertheless, the group registered a higher profit before tax margin in 2Q FY2024 of 7.9 per cent compared to 6.4 per cent in 2Q FY2023, mainly due to foreign exchange gain and higher interest income,” it said.

For the first half of 2024 (1H FY2024), Hartalega posted a net loss of RM24.77 million versus a net profit of RM116.62 million a year ago, while revenue fell to RM892.12 million compared with RM1.43 billion.

The company had reported RM52.47 million net loss in 1Q FY2024.

Moving forward, the group will continue to emphasise on better cost management, improve operational efficiencies and scale up automation initiatives across its operations.

“The group will also strive to maintain our leading position on the social compliance and sustainability fronts through our continuous efforts in driving the environmental, social, and corporate governance (ESG) agenda.

“Looking ahead, the group remains cautiously optimistic about the long-term prospects for the sector,” it said.


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