PETALING JAYA: Ready-to-assemble furniture products designer and manufacturer Spring Art Holdings Bhd, which is scheduled to be listed this Friday, recorded a net profit of RM3.05 million for the third quarter (Q3) ended Sept 30, 2019 on the back of RM16.45 million in revenue.
The company’s revenue was derived from the design and development, manufacturing as well as marketing and sales of office furniture, bedroom furniture, living room furniture as well as other types of furniture.
Middle East was the largest market contributing to the group’s revenue, accounting for 56.3% of the total revenue in Q3.
For the nine-month period, Spring Art’s net profit came in at RM7.22 million with RM44.15 million in revenue.
It reported RM6.3 million in net profit and RM50.38 million in revenue in FY2018.
Spring Art managing director Jack Lim Kok Eng attributes the group’s strong performance to higher demand for its ready-to-assemble furniture products.
Commenting on prospects of the company, Lim said Spring Art has put in place a series of future plans that are focused in expanding the group’s geographical footprint.
“Due to the ongoing US-China trade war, Spring Art will step up its efforts to get a bigger share of the markets in North America and Europe due to growing demand for Malaysian furniture there,” he added.
source https://www.thesundaily.my/business/ace-market-bound-spring-art-posts-rm3-05m-profit-in-q3-FE1574601
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