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NewsSolid Automotive 1Q net profit doubles on higher sales
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Solid Automotive 1Q net profit doubles on higher sales
by Cals Fri 26 Sep 2014, 08:32
| Solid Automotive 1Q net profit doubles on higher sales |
| Business & Markets 2014 |
| Written by Kamarul Anwar of theedgemalaysia.com |
| Thursday, 25 September 2014 18:49 KUALA LUMPUR (Sept 25): Solid Automotive Bhd’s net profit doubled to RM2.23 million or 1.49 sen per share for the first financial quarter ended July 31, 2014 (1QFY15) from RM1.16 million or 1.01 sen per share a year ago, on higher sales from both its domestic and export markets. Revenue was RM31.48 million, up 16.16% from RM27.1 million in 1QFY14. “The revenue for the current quarter was derived from our automotive electrical parts which contributed 76% of our total revenue, while the automotive engine mechanical parts and others contributed 24% for the current quarter, compared to 78% and 22% respectively for the corresponding quarter in the preceding year,” said Solid Automotive in a filing with Bursa Malaysia today. The auto parts manufacturer expects to maintain its performance for the current financial year ending April 30, 2015 (FY15). Solid Automotive, which mainly produces for Malaysian and Middle Eastern markets, said it will continue to enhance the operational effectiveness and productivity. The counter closed flat today at 88.5 sen, with 67,600 shares traded. It had a market capitalisation of RM132.75 million. |
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