KUALA LUMPUR (March 23): Astino Bhd’s net profit for the second quarter ended Jan 31, 2018 (2QFY18) tumbled by a third to RM8.16 million or 2.99 sen per share, owing to higher allowance for the diminution in value of inventories.

The metal roof sheets manufacturer and seller said it made an allowance that was RM1.6 million more, compared with the same period last year, and also posted a foreign exchange loss of RM900,000.

For the corresponding period last year, its earning per share amounted to 4.42 sen, on the back of a RM12.09 million profit.

However, Astino’s revenue was 8% higher at RM144.32 million in 2QFY18, owing to better selling prices and market demand.

In a stock exchange filing, it noted volatile steel prices and currency fluctuations have caused uncertainties in its pricing policy. It intends to closely monitor steel price movements to ensure its “profit margins are reasonably protected” and its selling prices remain competitive.

Its net profit for the cumulative six months (1HFY18) was flat at RM17.674 million or 6.47 sen per share, while its revenue improved 14.46% to RM283.11 million, from RM247.34 million in 1HFY17.

Barring any unforeseen circumstances, the board expects the group’s performance to remain satisfactory for the financial year ending July 31, 2018 (FY18).

Astino closed two sen or 2.23% lower to 87.5 sen today, for a market capitalisation of RM238.86 million.