KUALA LUMPUR: Integrated software provider IFCA MSC Bhd saw its net profit jump more than fivefold to RM8.53 million for the third financial quarter ended Sept 30, 2014 (3QFY14) from RM1.56 million a year ago, contributed by all business units, notably its goods and services tax (GST) compliance upgrade business.

Revenue for 3QFY14 rose 68.7% to RM25.75 million. For the nine-month period, its net profit increased more than sevenfold to RM11.95 million from RM1.64 million a year ago, while revenue was up 53% to RM58.06 million.

“Overseas business (for 9MFY14) grew 63.6% to RM16.4 million, while Malaysia’s grew 49% to RM41.6 million (from the year-ago period),” IFCA MSC said in a filing with Bursa Malaysia yesterday.

IFCA MSC said its GST compliance upgrade business accounted for 14% or RM8.4 million of total revenue.

“This is a reflection on the GST implementations [that] are just beginning to roll out. The rollout speed will accelerate, just as orders will continue to grow rapidly,” it added.

IFCA MSC was picked as one of TheEdge Research’s Stocks with Momentum on Oct 24.

“With the GST-implementation date drawing near, companies would need to upgrade or purchase GST-accredited software to adapt to the new regulation,” The Edge Research said.

This article first appeared in The Edge Financial Daily, on November 6, 2014.