KUALA LUMPUR (May 20): Freight Management Holdings Bhd’s net profit for the third quarter ended March 31, 2021 (3QFY21) soared 199% to RM6.05 million, from RM2.03 million a year earlier, mainly due to an improved performance of both of its Malaysian and overseas operations.
According to the group’s filing with the local bourse today, its earnings per share (EPS) rose to 2.17 sen from 0.73 sen for the corresponding period of the previous year.
Quarterly revenue climbed 57.55% to RM215.79 million, versus RM136.97 million for 3QFY20, due to higher freight rates and an improvement in business activities.
Its international freight business surged 68% to RM165.4 million from RM98.5 million, while that of domestic logistics was up 31% at RM50.4 million, compared with RM38.5 million a year ago.
For the cumulative nine-month period ended March 31, 2021 (9MFY21), its net profit crawled 68.76% to RM18.45 million from RM10.93 million, backed up by a higher revenue, rising 26% to RM535.16 million from RM424.56 million.
On prospects, the company said its current-year business remains resilient despite the challenges and potential downside risks of uncertain global economic activities and its supply chain due to the Covid-19 pandemic.
“Notwithstanding the challenges, the group is optimistic about our business and will continue to focus on expanding its customer base regionally, and improving our cost management via operational efficiencies,” it added.
At the noon break today, Freight Management was down one sen or 0.64% at RM1.55, translating into a market capitalisation of RM432.8 million.
