PT Resources reports over 2-fold profit jump in 2Q24

KUALA LUMPUR: PT Resources Holdings Bhd remains committed towards actively identifying and evaluating new business opportunities and assets to be acquired, which can contribute to and improve its financial performance.

In a filing with Bursa Malaysia, the company said it will continue to monitor the latest developments in the market and take steps to mitigate any risks to its operations or financial performance.

For the second quarter ended Oct 31, 2023, PT Resources’ net profit rose to RM18.7mil from RM8.34mil in the previous corresponding period, while revenue in the second quarter dipped to RM111.7mil from RM125.37mil a year earlier.

Basic earnings per share stood at 3.50 sen versus 1.85 sen previously.

“Our strategic direction has been rightly deployed, and our commitment to outstanding operational practices has led to an extraordinary profit growth in the second quarter of 2024.

“Following the challenging COVID-19 pandemic, the global frozen seafood market has been flourishing, especially in key overseas markets like China, where we have witnessed an increase in demand,” managing director Heng Chang Hooi said in a statement.

“Additionally, we approach various festivals and holiday seasons, which are typically peak times for seafood demand, our high-quality seafood products continue to be favored in the market,” he said.

Heng said the group will fine tune its business strategies and continue to expand into markets such as Southeast Asia and China.

“However, we will also manage our operational costs effectively and actively address the challenges brought about by rising raw material and administrative costs.

“We are confident that these measures will allow PT Resources to root deeper, strengthen our position, achieve sustainable profitability, and be better poised to quickly and effectively capitalize on emerging opportunities.”