Iris Corp profit dips 6.9% to RM5.9m

Iris Corp profit dips 6.9% to RM5.9m
Business & Markets 2013
Written by Kamarul Anwar of theedgemalaysia.com
Friday, 31 May 2013 19:22


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KUALA LUMPUR (May 31): Iris Corp Bhd’s net profit for the fourth quarter ended March 31, 2013 (4QFY13) dipped by 6.9% year-on-year to RM5.91 million from RM6.35 million a year earlier.

In a filing with Bursa Malaysia, the TECHNOLOGY [] firm reported its revenue however ballooned by 144.41% to RM187.26 million from the previous corresponding period’s RM76.62 million.

Iris’s full-year (FY13) net profit also fell to RM21.07 million. This was 43.38% lower than the previous financial year’s net profit of RM37.22 million.

Its cumulative revenue increased to RM537.07 million, up 30.76% from FY12’s RM410.73 million.

Explaining its full-year net profit dip, Iris said in the filing: “The higher expenses incurred in setting up new operation units for new businesses and charging out of research and development expenditures in the Food and Agro Technology division during the current financial year and the completion of certain higher margin projects in the previous comparable period resulted in the lower profit.”

Iris said its current financial year’s (FY14) looks bright.

“The core business of Trusted Identification division and Payment & Transportation division’s revenue is expected to be derived mainly from the trusted identification’s projects, namely Malaysia e-Passport inlays, Nigeria e-Passport inlays, Tanzania e-ID cards project and Bangladesh MRP Passport project. The Automatic Fare Collection Project and banking cards will contribute positively to the Payment and Transportation’s performance,” it said.