KUALA LUMPUR: GIIB Holdings Bhd has returne to the black, with a net profit of RM2.32 million for the second quarter ended Dec 31, 2023 (2Q24), compared to a net loss of RM11.99 million a year ago. 

The earnings bump was mainly due to revenue recognised on a land disposal of RM14 million in the current quarter, the company said in a filing to Bursa Malaysia today. 

Quarterly revenue rose nearly threefold to RM25.46 million from RM9.2 million previously, driven by a 24 per cent increase in rubber compound sales and the disposal of land held for development. 

GIIB registered an earnings per share of 0.39 sen compared to a loss per share of 2.03 sen in 2Q23. 

For the cumulative period of six-month ended Dec 31, 2023 (1HFY24), GIIB posted a net profit of RM2.02 million compared to a net loss of RM12.05 million, while revenue surged 87.26 per cent to RM35.46 million from RM18.94 million previously. 

On prospects, GIIB said the company remains vigilant on global trade but has made efforts to grow its revenue in its core rubber compound business.  

GIIB added that the company is exploring industries across different verticals that can use rubber technology to add value to their products and services.  

The company also aims to establish various sales channels that can help diversify the product range with emphasis on creating eco-friendly and sustainable products. 

"The rubber glove industry has been in a decline until recent months. Due to the on-going challenges faced by the business, the company has taken measures to limit risks and to reduce the cashflow required by the business. 

"The company remains cautiously optimistic for the current financial year," it noted.