KUALA LUMPUR (March 18): Magni-Tech Industries Bhd’s third quarter net profit rose 14.39% to RM35.62 million from RM31.14 million a year earlier, mainly on lower operating expenses.

Earnings per share for the quarter ended Jan 31, 2019 increased to 21.89 sen from 19.14 sen previously, the garment and packaging product manufacturer said in a filing today.

Quarterly revenue eased 1.37% to RM309 million from RM313.3 million previously on lower sales order received from both the garment and packaging plastic segments.

The group declared a third interim dividend of eight sen per share, bringing total dividends for the first three quarters to 18 sen per share, from 15 sen in the previous corresponding period. The ex- and entitlement dates are March 29 and April 2 respectively.

Magni-Tech’s net profit for the nine-month period rose 12.99% to RM80.84 million from RM71.23 million the year before, mainly thanks to lower operating expenses and higher foreign exchange gains.

Revenue fell 2.43% to RM838.49 million from RM859.33 million.

In the nine-month period, garment sale orders received was lower by 2.9% year-on-year, while packaging sale orders received was higher by 2.2%.

“The manufacturing and sale of garment will still be the group's major revenue contributor,” said Magni-Tech, adding that the operating environment is challenging amid persistent global economic uncertainties.

Shares of Magni-Tech rose six sen or 1.3% to RM4.66, giving it a market capitalisation of RM758.33 million.