KUALA LUMPUR (Feb 8): Plastic pipes and fittings maker Resintech Bhd posted a net profit of RM1.18 million for its third quarter ended Dec 31, 2023 (3QFY2024) versus a net loss of RM1.24 million a year earlier, on the back of higher revenue.

The better showing was also helped by lower administrative expenses of RM1.58 million which was down by 21.6% from RM2.02 million previously and lower other operating expenses of RM447,000, a drop of 78.7% from RM2.1 million previously, the group’s bourse filing showed.

Earnings per share stood at 0.6 sen, versus a loss per share of 0.85 sen in 3QFY2023.

Quarterly revenue increased 19.68% to RM26.38 million from RM22.04 million previously.  

For the first nine months of FY2024, Resintech reported a net profit of RM4.18 million against a net loss of RM1.51 million in the previous corresponding period.

Nine-month revenue rose 19.14% to RM79.12 million from RM66.41 million on increased demand with a corresponding improvement in margin attributed to higher productivity and efficiency.

On prospects, Resintech said it is taking a cautious approach given the weakening local currency as well as continuous rising costs. Hence, it will continue implementing measures to reduce expenditure and also improve the performance of all its segments by improving demand for its products.

Resintech's share price closed down 0.5 sen or 0.9% at 53 sen on Thursday, bringing the group a market capitalisation of RM104 million.