KUALA LUMPUR (May 11): Test interface solutions provider JF Technology Bhd's net profit for the third quarter ended March 31, 2021 (3QFY21) more than doubled to RM3.66 million from RM1.7 million a year ago, underpinned by a record high revenue.

Its quarterly revenue jumped 55.86% to RM9.62 million from RM6.17 million a year ago. In its bourse filing, the group attributed the double-digit revenue jump to sustained robust demand from its customers amid the Covid-19 pandemic. The group did not declare any dividend for the latest quarter.

JF Technology provides test contacting solutions for integrated circuit testing for the automotive, 5G, internet of things and home appliance segments.

For the cumulative nine months ended March 31, 2021, the group's net profit soared 137.12% to RM11.68 million, from RM4.93 million a year earlier, as revenue jumped 50.53% to its highest of RM28.12 million from RM18.68 million.

The group said in addition to stronger sales, the larger-than-proportionate growth in profit after tax also attributed to lower operating cost to revenue ratio.

Going forward, the group said it continues to adopt a cautious approach when assessing business opportunities for its test contacting solutions.

It also said its new test interface business, JF TestSense, has been making encouraging progress.

Over in China, it said, the setting up of its manufacturing facility is progressing well and the group targets to commence production by the fourth quarter of 2021.

"All in all, we continue to be positive on the prospects of the group, underpinned by the aforementioned factors notwithstanding the challenging landscape.

"Barring unforeseen circumstances, the board expects the group to deliver a satisfactory set of financial performance for financial year ending June 30, 2021," it said.

JF Technology shares closed five sen or 3.68% lower at RM1.31 today, valuing the group at RM1.21 billion.