KUALA LUMPUR (March 24): Prolexus Bhd’s net profit jumped more 22 times to RM22.81 million in the second quarter ended Jan 31, 2023 (2QFY2023) from RM1 million posted a year ago on the back of higher revenue and gain on other investments.

Quarterly revenue rose 1.94% to RM63.23 million from RM62.02 a year ago primarily contributed by the increase in revenue from textile and advertising divisions, the company filing with the exchange on Friday (March 24) showed.

For the cumulative period of six months, Prolexus revenue increased by a meagre 0.44% to RM120.37 million from RM119.84 million in the same period a year ago while profit after tax surged over 22 times to RM33.32 million from RM1.49 million recorded in the quarter a year ago.

For 2023 prospects, the group expects the business to continue to be challenging this year due to  rising costs and higher interest rates.

“Higher interest rates have affected economic growth and adversely affect consumer confidence.

“Nevertheless, the group continues to seek avenues to enhance the group’s financial performance,” said Prolexus.

In another Bursa filing, Prolexus stated there has been no material development pertaining to the Memorandum of Understanding (MOU) with SIRIM.

On Sept 12, 2022 Prolexus and SIRIM set out their intention to cooperate in areas of research, technology development and manufacturing of textiles, apparel and related products.

At the close, Prolexus shares ended 1.14% or half sen higher at 44.5 sen, giving the company a market capitalization of RM121.78 million.