KUALA LUMPUR (March 25): Flat steel product manufacturer Astino Bhd saw its share price leap to a two-year high, after it announced that its profit grew nearly four-fold year-on-year for the second financial quarter ended Jan 31, 2024 (2QFY2024). 

Shares of Astino climbed as high as 64 sen during Monday’s trade, last breached two years ago on March 4, 2022. It closed slightly lower at 60.5 sen, still up three sen or 5.22% from the previous close. 

The counter also saw its trading volume jump to a two-year high of 5.23 million, more than ten times its 20-day average trading volume of 512,300 shares. 

At 60.5 sen per share, the counter is valued at RM294 million. It has gained 6.5 sen or 12.04% since the start of the year. 

According to a bourse filing last Friday (March 22), Astino posted a net profit of RM11.78 million or 2.41 sen per share for 2QFY2024, increasing nearly four-fold from RM2.95 million or 0.6 sen per share a year earlier, thanks to higher sales and profit margin. 

Meanwhile, its quarterly revenue grew 18% to RM169.22 million, from RM143.29 million.

For the six-month financial period ended Jan 31, 2024 (1HFY2024), Astino’s net profit doubled to RM20.35 million from RM10.27 million a year ago, while its cumulative revenue grew 7.52% to RM334.86 million from RM311.45 million. 

Moving forward, the company said it remains cautiously optimistic about achieving a more sustainable performance, as market demand for its product remains firm, though it flagged escalating input costs and the weakening ringgit against the greenback.

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Astino sees fourfold jump in 2Q profit on stronger sales, profit margin