Thursday 28 Mar 2024
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KUALA LUMPUR (Nov 16): Logistics solutions provider Tasco Bhd's net profit rose 12.5% to RM9.14 million in its second quarter ended Sept 30, 2017 (2QFY18), from RM8.16 million a year earlier, as it registered higher revenue across its two key business segments.

Total quarterly revenue climbed 29.7% year-on-year to RM192.09 million from RM148.12 million, mainly on higher contribution from both its international and domestic business solutions segments.

For the six-month period ended September 30, 2017 (1HFY18), Tasco's net profit rose 14.5% to RM16.19 million compared with RM14.13 million last year, while revenue climbed 25.6% to RM349.05 million from RM277.82 million.

In a filing with Bursa Malaysia today, Tasco said the completion of the acquisition of 100% share equity of Gold Cold Transport Sdn Bhd on July 12, 2017 contributed to post-acquisition revenue of RM18.3 million to a new business division, Cold Supply Chain Logistics, which is under the group's domestic business solutions.

On the prospects of the rest of the year, it said the better-than-expected domestic economy and the improving global economy are positive developments for the group, as its core business in logistics are directly affected by the health of the manufacturing sector and international trade.

"Barring any surprises, we are cautiously optimistic that the group will continue its growth trend in the current financial year," it added.

Tasco's shares were down 6 sen or 2.47% at market close today to settle at RM2.37. Its market capitalisation stood at RM474 million.

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