KUALA LUMPUR: Formosa Prosonic Industries Bhd's net profit for the second quarter ended June 30, 2017 (2QFY17) rose almost three times to RM8.42 million from RM3.04 million a year ago, primarily because its topline improved and distribution costs dropped.

Quarterly revenue rose 34.76% to RM102.51 million from RM76.07 million a year ago, its Bursa Malaysia filing yesterday showed. Distribution costs fell 20.23% to RM2.9 million.
 
For the cumulative six-months of FY17, its net profit grew over five times to RM17.36 million from RM3.83 million a year ago, as revenue climbed 22.58% to RM178.03 million from RM145.24 million on higher sales from customers.

The improved half year results was due to higher sales and foreign exchange gain -- including a gain of RM7.2 million from the disposal of an associate and subsidiaries -- as well as the absence of loss at its UK subsidiary.

Going forward, Formosa Prosonic, which assembles high quality speaker systems and manufactures printed circuit boards, said its directors foresee an increase in production due to healthy orders from the customers.

The group expects better performance for its FY17.
 
Its shares closed 1 sen or 0.87% higher at RM1.16 yesterday, giving it a market capitalisation of RM284.46 million. The stock has risen about 57% in the past 12 months.