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KUALA LUMPUR: Ageson Bhd saw its net profit tumbled 53% to RM8.26mil in the fourth quarter ended June 30 (4Q21) against RM17.62mil in the same period last year.
The decrease was mainly due to lower margin from trading of construction material and higher operating expenses during the financial period under review.
Its revenue in 4Q21 rose 32.4% to RM51.28mil from RM38.72mil last year, mainly due to higher billing recognised from trading of construction material.
For the full financial year ended June 30, Ageson posted a net profit of RM31.95mil on revenue of RM166.24mil.
Commenting on its prospects, Ageson said the economic conditions in the next 12 months remained uncertain.
“The board is taking a cautious view over the outlook for the fourth quarter of financial year 2021 due to preserving effects of Covid-19 and the measures necessary to control the pandemic,” it said.
“To ensure the group is able to cope with these challenges to its bottom line and cash flow, the board will continue to monitor the development of Covid-19 pandemic closely and actively focusing on cost optimisation and streamlining its existing processes.
“Despite the existing balance order book in the construction division, the group will perpetually concentrate on trading of construction material and property development which is profitable to the group,” Ageson said.