KUALA LUMPUR (March 8): Magni-Tech Industries Bhd's latest quarterly net profit rose 49.9% to RM48.95 million, from RM32.66 million a year earlier, on the back of a higher revenue and a gain on disposal of properties.

Earnings per share for the third quarter ended Jan 31, 2021 (3QFY21) rose to 11.29 sen, from 7.53 sen previously, the group's bourse filing showed.

The group declared a dividend of 3.5 sen per share plus a special dividend of one sen per share, for a total payout of 8.3 sen for the nine-month period ended Jan 31, 2021 (9MFY21) — up from 7.93 sen in 9MFY20.

Minus the gain on disposal, Magni-Tech's profit before tax (PBT) grew 28.9% year-on-year to RM54.44 million from RM42.25 million, as the garment segment booked a higher revenue, while the packaging segment also benefitted from higher top line as well as lower raw material costs in the period.

Quarterly revenue rose 17.3% to RM367.82 million from RM313.55 million, on the back of higher sales orders for both the garment and packaging segments.

For 9MFY21, Magni-Tech's net profit rose 3.77% to RM96.54 million from RM93.04 million previously, partly supported by the gain on disposal of properties.

Minus the one-off gain, the group's PBT in the nine-month period still held up well despite the Covid-19 pandemic, with a 3.36% retreat to RM116.54 million from RM120.58 million.

This was on the back of lower revenue, lower investment-related income and higher forex loss under the garment segment, offset by an improved performance by the packaging segment on lower raw material costs and higher revenue.

Nine-month revenue fell 1.41% to RM927.92 million from RM942.21 million, on the back of lower sales orders from the garment segment, offset by an increase in sale orders and revenue from the packaging segment.

Shares of Magni-Tech rose two sen or 0.86% to close at RM2.34 today, valuing the group at RM1.02 billion.