KUALA LUMPUR (Oct 25): Ancom Bhd’s net profit jumped six-fold to RM7.02 million or 3.26 sen per share in the first financial quarter ended Aug 31, 2018, from RM1.11 million or 0.52 sen per share a year ago mainly attributable to higher earnings from the industrial chemicals division.

Ancom registered higher revenue growth of almost 40% in the industrial chemicals division to RM385.27 million from RM275.65 million in the previous corresponding quarter, contributed by higher volume sold and generally higher selling prices for certain products. The division’s segmental profit came in at RM6.9 million, nearly triple the RM2.41 million a year ago.

Quarterly revenue expanded 25.8% to RM527.59 million from RM419.54 million a year ago, according to the filing with Bursa Malaysia.

Going forward, Ancom said the performance of the key business segments, namely agricultural and industrial chemical Division and polymer division was satisfactory in the current financial year and barring any unforeseen circumstances, the business of these key business segments should remain positive.

However, Ancom said the immediate outlook for the media division is expected to be challenging due to the weak domestic market sentiments.

“The board will explore ways to improve revenue growth while strengthening its operational and productivity efficiencies,” said Ancom, adding that the group’s financial performance and prospects are expected to be satisfactory for the remaining of the financial year, barring unforeseen circumstances.

Ancom's shares closed down one sen or 1.61% at 61 sen, for a market capitalisation of RM131.26 million.