This article first appeared in The Edge Financial Daily on October 27, 2017

KUALA LUMPUR: Ancom Bhd’s net profit for the first financial quarter ended Aug 31, 2017 (1QFY17) surged 60.2% to RM1.1 million from RM692,000, driven by its agriculture and industrial chemical businesses. Earnings per share rose to 0.52 sen from 0.32 sen a year ago.

Quarterly revenue also increased 17.8% to RM419.53 million in 1QFY17 from RM356.15 million in 1QFY16, primarily driven by the aforementioned businesses.

In a filing with Bursa Malaysia yesterday, Ancom said its media business recorded improved earnings of RM100,000 compared to a segmental loss of RM2.6 million a year ago, in tandem with higher revenue generated during the current quarter under review.

On prospects, Ancom said its key business segments — agricultural, industrial chemical, and polymer division — have posted better performance during the financial year. However, the group said the sustainability of global demand remains uncertain and the pace of recovery has been slower than expected.

“Despite the challenging outlook in the media industry, it has shown resilience during the current financial year. The management expects the media division should continue to perform satisfactory, barring any unforeseen circumstances,” it said.

Ancom shares closed down 0.5 sen or 0.73% to 68 sen yesterday, with a market capitalisation of RM146.32 million.