Thursday 28 Mar 2024
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KUALA LUMPUR (May 31): SKP Resources Bhd announced today it registered a 27.78% drop in net profit for its fourth quarter ended March 31, 2019 (4QFY19) to RM20.41 million from RM28.27 million a year ago.

The lower net profit was underpinned by a 21.9% decrease in revenue to RM357.1 million during the quarter under review from RM457.27 million in 4QFY18, SKP Resources' exchange filing today showed.

For its full financial year, net profit was 23.1% lower at RM97.61 million compared with RM126.75 million in the preceding year.

Revenue, meanwhile, contracted by 20.5% to RM1.66 billion, from the record high RM2.09 billion the group achieved in FY18, mainly due to lower revenue recorded from existing key customers as well as different product mix.

Going forward, SKP Resources said it will develop its market further in the electronic manufacturing services sector and will continue to pursue vertical integration.

"The board of directors expects the group to remain profitable. Prospects remain good and the board is optimistic and expects orders from existing and new customers to contribute positively to the group's performance for FY20," it added.

SKP Resources' share price, which has recovered from its low of 95.5 sen mid-December, closed unchanged today at RM1.30 for a market capitalisation of RM1.63 billion.

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