KUALA LUMPUR, Nov 30 (Bernama) -- Panasonic Manufacturing Malaysia Bhd's net profit soared more than 16-fold to RM42.60 million in the second quarter ended Sept 30, 2022 (Q2 2023), compared to RM2.66 million previously, on the back of higher revenue and foreign exchange gains.
The electronics manufacturer also reported a 106.6 per cent jump in revenue, or RM292.85 million, for the quarter from RM141.73 million.
"The higher revenue was mainly due to the full market reopening and recovery this year," it said in a filing with Bursa Malaysia.
In addition, the fulfillment of backlog orders arising from a flood last year continued into the quarter in review, particularly for fan products and it was completed by the end of September.
For the first six months of its fiscal year, the group recorded a net profit of RM54.06 million and revenue of RM536.52 million due to the economic reopening and recovery.
The company foresees that its current financial year will continue to be challenging as global growth is expected to slow down next year amid a high inflation environment.
"Nevertheless, despite increased pressure on profitability, we will remain focused on showing sustainable growth for the remaining financial year.
"We will continue to be vigilant to monitor the volatile situation and tighten internal efficiencies with cost reduction measures," it said.
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