KUALA LUMPUR (Jan 22): Ajiya Bhd slipped into a net loss of RM13.02 million in the fourth quarter ended Nov 30, 2023 (4QFY2023), compared to a net profit of RM9.48 million a year ago.

The significant earnings contraction was primarily due to impairments including investment loss of RM9.57 million, RM2.88 million for stock, RM3.1 million for retrenchment benefits, among others.

Loss per share stood at 4.47 sen, contrasting with earnings per share of 3.29 sen in 4QFY2023, according to the building materials manufacturer's bourse filing.

Quarterly revenue, however, increased by 20.9% to RM89.64 million from RM74.17 million in the previous corresponding quarter, primarily due to an improvement in demand for the group’s products.

For the full financial year ended Nov 30, 2023, net profit surged by 88% to RM55.23 million from RM29.37 million in FY2023, as revenue grew by 3.7% to RM304.81 million from RM294.05 million.

Looking ahead, Ajiya expressed its commitment to enhancing operational efficiency and implementing measures to reduce operating costs, aiming for sustainable long-term growth. The group highlighted that the alliance and synergy with Chin Hin Group would further boost demand for its products.

Shares in Ajiya settled at two sen or 1.4% higher to RM1.45, giving the group a market capitalisation of RM441.65 million.