KUALA LUMPUR (June 21): Water technology solutions provider Cosmos Technology International Bhd, which made its debut on the ACE Market in October 2022, posted a net profit of RM520,000 for the fourth quarter ended April 30, 2023 (4QFY2023) on revenue of RM14.14 million.

There are no comparative figures as no interim financial report was available for the previous corresponding quarter.

For the full financial year, the group saw its net profit fall 36.5% to RM3.67 million, from RM5.79 million in FY2022, due to higher carriage outwards paid to overseas customers for shipment of goods.

Full-year revenue increased 18.6% to RM58.27 million from RM49.12 million in FY2022, on the back of a RM16.5 million rise in the manufacturing sector's revenue to RM46.6 million.

The distribution segment meanwhile saw its revenue fall by RM7.3 million to RM11.7 million.

Cosmos said that in view of the positive outlook for global oil demand in 2023, the group remains positive on the market demand for fabricated metal products, which is mainly driven by oil demand.

"Having said that, most global economies are facing elevated inflation and tighter monetary policy which will weigh in on the global growth," the group said, adding that the uncertainty in the global economy remains a concern for management.

"Nevertheless, the management remains cautiously optimistic and shall proactively manage any challenges the group may face in the future," it added.

Cosmos said the utilisation of the IPO proceeds for its expansion plan is expected to contribute positively in the future.

Cosmos' shares closed half sen or 1.18% lower at 42 sen on Wednesday (June 21), valuing the group at RM106.51 million.