KUALA LUMPUR (Sept 11): Magni-Tech Industries Bhd’s net profit jumped 36.2% to RM32.73 million in the first quarter ended July 31, 2023 (1QFY2024) from RM24.03 million a year earlier, on the back of a decline in operating expenses, higher investment income, and foreign exchange gains.

The stronger earnings were achieved despite quarterly revenue slipping 4.84% to RM324.38 million from RM340.91 million a year earlier, mainly due to lower sale orders received, the garment supplier said in a filing to Bursa Malaysia on Monday.

This saw the group’s basic earnings per share (EPS) increase to 7.55 sen in 1QFY2024, from 5.54 sen in 1QFY2023.

The group declared a single tier interim dividend of 2.8 sen per share, to be paid on Oct 12.

On prospects, Magni-Tech, which also supplies a wide range of flexible plastic and corrugated packaging products, said the group remains optimistically cautious over its business outlook for the remaining quarters of FY2024.

“We will continue to be vigilant in cost management and to drive operational efficiency to remain competitive, as well as to drive sales and production output,” the company said.

Magni-Tech shares traded unchanged at RM1.91 on Monday, valuing the company at RM828.85 million.