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Flonic Hi-Tec returns to the black with RM30,000 profit

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Flonic Hi-Tec returns to the black with RM30,000 profit Empty Flonic Hi-Tec returns to the black with RM30,000 profit

Post by Cals Fri 26 Sep 2014, 08:33

Flonic Hi-Tec returns to the black with RM30,000 profit
Business & Markets 2014
Written by Fatin Rasyiqah Mustaza of theedgemalaysia.com   
Thursday, 25 September 2014 19:02

KUALA LUMPUR (Sept 25): Flonic Hi-Tec Bhd has returned to the black with a net profit of RM30,000 for its second financial quarter ended July 31, 2014 (2QFY15) compared with a net loss of RM108,000 a year ago.

Revenue was lower at RM4.56 million from RM9.33 million previously due to the emergence of Jiwa M&E Services Sdn Bhd becoming an associate of Jiwa Holdings Sdn Bhd with effect from Feb 7, 2014 and lower turnover in project management services segment.

Commenting on the group’s prospects, Flonic told Bursa Malaysia today that the acquisition of a 30% stake in Jiwa Holdings in April 2013 is expected to contribute positively to the group’s future earnings and improve the financial position of the group in the long term.

Flonic, which designs and manufactures cleaning equipment, saw 626,000 shares changing hands to close at 9.5 sen yesterday, with a market capitalisation of RM37.96 million.
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