KUALA LUMPUR (March 12): Supercomnet Technologies Bhd, which specialises in making wires and cables for medical devices, saw its net profit jump 61.84% to RM7.38 million for the fourth quarter ended Dec 31, 2020 (4QFY20), from RM4.56 million a year ago, on improved margins and better revenue recognition.

Its profit after tax margin increased to 19.25% in 4QFY20, from 14.08% a year earlier, according to its filing with the local bourse. Revenue grew 18.36% to RM38.34 million from RM32.4 million.

The better profit lifted its earnings per share (EPS) to 1.09 sen for 4QFY20 from 0.71 sen for 4QFY19.

Compared with the immediate preceding quarter (3QFY20), net profit surged 43.11% from RM5.16 million, while revenue inched up 1.55% from RM37.76 million.

Profit for the entire FY20 rose 16.53% to RM22.59 million from RM19.38 million a year ago, while annual revenue gained 4.42% to RM128.41 million from RM122.97 million.

The group expects its prospects to improve.

Its share price, however, had fallen 11 sen or 5.82% to an intraday low of RM1.78 at 2.55pm today despite the strong earnings growth reported. Nevertheless, the stock had appreciated more than five times from a low of 32 sen a year ago.

The current share price gives Supercomnet a market capitalisation of RM1.21 billion.