KUALA LUMPUR: Coraza Integrated Technology Bhd's net profit rose 11.0 per cent to RM3.9 million in the fourth quarter (Q4) ended December 31, 2021 from RM3.5 million in Q3 2021.
The integrated engineering supporting services provider said its revenue increased 23.7 per cent to RM34.8 million from RM28.1 million in Q3 2021.
"This is driven by the increasing demand in semiconductor-related products, which is its core industry contribution," it said.
Its earnings per share (EPS) for the quarter increased to 1.26 sen compared with 1.13 sen in Q3 2021.
For the year ended December 31, 2021 (FY21), Coraza achieved a net profit of RM12.8 million, on a revenue of RM106.1 million.
EPS stood at 4.14 sen.
No comparative figures for the preceding corresponding quarter and year-to-date were available as it was the second interim financial report released by Coraza in relation to its earnings, in compliance with the listing requirements.
Managing director Lim Teik Hoe said the FY21 results were thus far the best financial performance in the company's history.
Lim said Coraza was on track to achieve its internal target revenue and profits as the company had expanded its production capacity and capabilities to provide new services (provision of finishing services) to the customers.
"We are set to ride on the semiconductor boom as there are no signs of a slowdown in spending or expansion by our customers, despite the uncertainties brought about by the Covid-19 pandemic," he said.
Coraza plans to build a new factory with a built-up area of about 91,110.1 square feet adjacent to its existing factory in Nibong Tebal, Penang to meet the growing demand for its services.
Construction of the new factory will be carried out in three phases, and is targeted to be completed by December 2023.
Coraza plans to buy new machinery over the next three years for both its existing and new factories.
Lim said the additional laser, turret and bending machines, which have more advanced functions, woulf increase Coraza's sheet metal fabrication capacity by 25 per cent.
On the other hand, he said the new finishing line would allow it to get the process done in-house as it was previously outsourced.
"Looking ahead, we are positive of our prospects as we continue to strengthen our competencies and competitiveness across the core business segments we operate in," he added.
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Posted by PriorityFF88 > 2022-02-16 21:10 |
Post removed.Why?