KUALA LUMPUR (Nov 24): ConnectCounty Holdings Bhd (Connect) posted a net profit of RM1.68 million for the third quarter ended Sept 30, 2015, compared to net loss RM1.31 million a year earlier.
In a statement last Friday (Nov 20), the company said revenue for the quarter under review was also higher at RM17.7 million, compared with RM13.3 million registered in the third quarter last year.
On a cumulative basis, Connect recorded a net profit of RM3.27 million, on the back of a revenue of RM48.02 million, for the first nines month period ended Sept 30.
It said this was an improvement compared to a loss after tax of RM1.38 million, from a revenue of RM40.99 million recorded in the preceding year corresponding period.
Connect's executive director Ang Chuang Juay said the positive performance stemmed mainly from the company’s overall improvement in sales, coupled with significant operational cost savings.
“We are confident that we will continue this growth momentum, as we tap into more opportunities within our existing interconnect business.
“In anticipation of increased global demand, Connect is also expanding into more lucrative industrial markets such as white goods and automotive, as well as increasing its portfolio of customers across different market segments,” he said.
Ang said Connect had recently made a breakthrough in the automotive sector, when it secured a contract with an US-based automaker, CalAmp, a leader in the mobile resource management and machine-to-machine space.
At 12.22pm today, Connect fell 2.7% or half a sen to 18 sen, with 8.63 million shares done.
(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)