Panasonic Manufacturing Malaysia achieved a revenue of RM991.6 million, an increase of RM122.8 million or 14.1% as compared to the previous year’s revenue, mainly attributable to the full market reopening and recovery in this financial year and the fulfilment of backlog orders arising from the flood incident in December 2021.
Correspondingly, the Company achieved a higher combined profit before tax for the year under review of RM91.3 million, representing a significant increase of RM38.3 million or 72.2% as compared to the previous year’s results. The increase in profitability was mainly attributable to higher revenue achieved, an increase in interest income by RM5.6 million following the recent interest rate hikes and a one-off insurance claim received amounting to RM22.3 million related to the flood incident that occurred in December 2021.
The group declared a higher dividend of 107 sen compared to Dividends FY2022: 68 sen per ordinary share. The Company’s revenue of RM228.2 million for the first quarter ended 30 June 2023 was lower by 6.3% or RM15.5 million as compared with the revenue of RM243.7 million registered in the previous year’s corresponding quarter. It recorded lower sales due to the discontinuance of kitchen appliances products since the end of the last financial year and lower export sales in Fan products mainly to Middle East market and Asean countries particularly, Vietnam and Singapore markets as demand slowed down.
On prospects moving for the company is intensifying its efforts to venture into new products to maintain its business competitiveness and to encounter the loss of sales of recently terminated businesses. The company remains cautious about the growth prospects as market uncertainty continues.
