KUALA LUMPUR (Oct 27): Tasco Bhd’s net profit for the second quarter ended Sept 30, 2022 (2QFY23) climbed 53.82% to RM24.13 million from RM15.69 million a year earlier, on the back of a rise in revenue.
Revenue grew 56.55% to RM493.95 million from RM315.515 million in 2QFY22, the logistics solutions provider’s bourse filing showed.
The group said revenue for international business solutions rose to RM238.9 million from RM157.5 million, largely contributed by the retail logistics business.
Meanwhile, revenue for the domestic business solutions stood at RM255 million, up 61.4% higher from RM158 million in 2QFY22, mainly contributed by solar panel, E&E and food manufacturing customers.
Tasco’s cumulative half-year net profit increased 54.4% to RM48.56 million from RM31.45 million in the previous corresponding period, as revenue rose to RM947.51 million from RM605.565 million.
Tasco said it was cautiously positive about its business performance for the rest of FY23 as the inflationary pressure on operating costs, increase in cost of labour due to the revised Employment Act, labour shortages and the risk of recession will be the downside risks for the group.
“However, we anticipate that we will be generally able to pass on the cost increase to the customers although there may be a time-lag to effect those increases,” it added.
Tasco’s share price finished down 1.17% or one sen at 84.5 sen on Thursday, giving the group a market value of RM672.02 million. The stock is down 30.17% year to date.
Source: TheEdge - 28 Oct 2022
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