KUALA LUMPUR (Nov 20): Steel product manufacturer AYS Ventures Bhd registered a 25% increase in net profit for its second financial quarter ended Sept 30, 2017 (2QFY18) to RM6.55 million from RM5.24 million a year ago, thanks to a higher revenue achieved and a lower impairment loss of trade receivables recorded during the quarter.

In a filing to Bursa Malaysia today, AYS recorded a 22% increase in 2QFY18 revenue to RM154.88 million from RM126.83 million a year ago, attributable to higher sales volume and selling prices of steel products from the trading and services division resulting from higher market demand.

For the first half of FY18 (1HFY18), AYS reported a 21.2% drop in net profit to RM12.59 million from RM15.98 million in 1HFY17, on a lower sales volume recorded in 1QFY18 and higher costs of goods sold.

Revenue for 1HFY18 came in 3% higher at RM279.93 million from RM271.64 million a year ago.

On its prospects, AYS said it will continue with its sales and marketing efforts, strengthening its operational and productivity efficiencies and cost saving measures to ensure the performance of the group will remain satisfactory for the remaining quarters of the financial year

AYS shares fell 2.5 sen or 4.8% to 49.5 sen, and for a market capitalisation of RM188.31 million.