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| Company to grow domestic market through opening more MO Foodmart(TM) outlets while strengthening access to channel partners and at the same time, increase supply to China |
KUALA LUMPUR, Mar 28, 2023 - (ACN Newswire) - PT Resources Holdings Berhad, a processor and trader of frozen seafood products, and trader of other food products, today announced that the Company's revenue increased 32.0% to RM115.4 million for the third quarter ended 31 January 2023 (3Q FY2023) compared with RM87.4 million in the corresponding quarter of the previous financial year (3Q FY2022).
 | | Managing Director of PT Resources, Heng Chang Hooi |
For the quarter under review, the Company's gross profit (GP) gained 58.1% to RM15.3 million compared with RM9.6 million in 3Q FY2022 while profit before tax (PBT) decreased by 55.4% to RM2.1 million. On a segmental basis, the processing and trading of frozen seafood products business contributed revenue of RM108.8 million in 3Q FY2023 while the trading of other products business contributed revenue of RM6.6 million. By geographical market, Malaysia contributed revenue of RM57.7 million while overseas markets comprising China and Saudi Arabia contributed revenue of RM57.7 million.
For the nine months ended 31 January 2023 (9M FY2023), the Company's revenue increased 29.3% to RM356.1 million compared with RM275.4 million in 9M FY2022. GP increased 35.6% to RM42.3 million in 9M FY2023 compared with RM31.2 million in the corresponding period of the previous financial year while PBT increased 7.5% to RM18.3 million compared with RM17.0 million. For the 9M FY2023, there was also an 84.0% increase in administrative expenses to RM23.9 million due to one-off expenses resulting from listing expenses of RM4.0 million, an unrealised loss of RM4.6 million from foreign exchange volatility in 3Q FY2023 and, increase in staff costs of RM1.3 million.
Managing Director (MD) of PT Resources, Mr. Heng Chang Hooi said, "Over the longer term, we are optimistic for growth but in the short term, there are challenges arising from cost pressures that has affected our operations directly and indirectly while foreign currency volatility has also impacted profitability. We are committed to growing our market domestically through strengthening access to channel partners and opening up more of our MO Foodmart outlets locally while in the overseas markets, we are planning to increase supply to China."
"The Company's financial performance for the quarter was mainly due to an increase in domestic demand with the reopening of the economy while the increase in overseas demand was due to a rise in orders from existing customers in China in anticipation of higher demand for frozen seafood following the relaxation of COVID-19 quarantine rules."
PT Resources Holdings Bhd: 0260 [BURSA: PTRB], https://www.ptresourcesgroup.com.my/
Topic: Press release summary
Source: PT Resources
Sectors: Daily Finance, Food & Beverage, Daily News, Local Biz
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