KUALA LUMPUR: Magni-Tech Industries Bhd’s net profit rose to RM121.81 million in the financial year ended April 30, 2020 (FY20) from RM102.63 million in FY19.
Revenue jumped to RM1.21 billion from RM1.07 billion year-on-year, driven by garment revenue, which grew 15.2 per cent, mainly due to higher sale orders and a positive forex impact.
“However, packaging revenue decreased by 13.0 per cent, mainly due to lower sale orders,” Magni-Tech said in a filing with Bursa Malaysia today.
Moving forward, the group expects the operating environment in the current financial year ending April 30, 2021 to be challenging.
It added that the COVID-19 pandemic and Movement Control Order measures at home and lockdowns globally have greatly impacted global economic activities and consumer behaviour.
“The group has implemented proactive measures to control costs, capital expenditure and streamlined its operations to mitigate the deep consequences of COVID-19,” it said, adding that the manufacturing and sale of garment will still be the group’s major revenue contributor. -Bernama
source https://www.thesundaily.my/business/magni-tech-posts-higher-net-profit-of-rm12181m-in-fy20-HY2616229
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