KUALA LUMPUR (Dec 9): Kronologi Asia Bhd's net profit for its third quarter financial ended Oct 31, 2022 (3QFY2023) dipped by 9.83% to RM7.25 million or 1.03 sen per share from RM8.04 million or 1.3 sen per share in 3QFY2022 due to higher unrealised foreign exchange (forex) losses, according to a Bursa Malaysia filing on Friday (Dec 9).

However, the data management solutions group reported an increase in net profit from the previous quarter of RM3.1 million, citing higher revenue contributions from global sources including Singapore and China.

Revenue increased by 16.6% to RM87.65 million during the quarter under review from RM75.15 million a year ago.

Meanwhile, Kronologi reported a lower net profit for the cumulative nine months ended Oct 31, 2022 (9MFY2023) to RM12.57 million from 9MFY2022's RM17.16 million, also due to unrealised forex losses, said the group in the filing.

Its 9MFY2023 revenue also fell by 0.18% to RM208.1 million from 9MFY2022's RM208.48 million.

"Demand for data management hybrid (on-prem and cloud) solutions and services in the first three quarters of the financial year continued to recover as demonstrated by the increase in revenue and gross profit achieved by the group compared over the same period," said Kronologi chief executive officer, Edmond Tay, on prospects for the group.

"We expect the gradual easing of China's Zero Covid strategy to have a positive impact on economic activities and business sentiment in our key markets around the region.

"Although currency volatility has created near-term headwinds, we continue to make progress on our long-term business transformation, with disciplined execution of our initiatives aimed at driving growth as well as increased operational efficiency and margin expansion, which together we expect to be accretive to the group's financial performance," added Tay.

At market close on Friday, Kronologi's share price rose 0.5 sen or 1.05% to 48 sen, with a market capitalisation of RM341.14 million.