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For the current quarter, the Group reported a profit before tax of RM1.20 million on the back of RM15.39 million in revenue as compared to a profit before tax of RM2.26 million and revenue of RM13.06 million in the preceding year comparative quarter.
The bedding operations in Malaysia recorded better profit before tax on the back of a 20% increase in revenue. The stainless steel fitting operation posted a reduced loss before tax attributable to the increased sales volume and encouraging profit margin. The other segment recorded higher profit before tax mainly due to higher interest income. Loss recorded from associates in power business due to the distribution of incentives to ex-shareholders.
For the first half of the financial year, the Group reported a lower profit before tax of RM3.53 million compared with RM5.56 million in the comparative first half of the preceding financial year. Revenue increased by 5% to RM26.99 million while gross profit margin improved one percentage point to 30% over the comparative period.
The bedding operations in Malaysia reported better revenue and profit before tax. The stainless steel fitting operation posted a lower loss before tax due to improved gross profit margin. Lower profit contribution recorded from associates in China mainly due to decline in earnings from power plant operations which resulted from reason as disclosed in Note B1(a) above. Higher other income in comparative period was mainly due to gain on deregistration of a subsidiary.
The Group expects the prospects for the remaining quarters ending 30 June 2017 to remain challenging as the weakening of the Ringgit still persist in spite of the recent upward crude oil prices. The bedding and stainless steel fitting operations will continue to expand their customer base and improve their efficiencies on cost management.