PT Resources Holdings Berhad saw an increase in revenue of 14.2% to RM131.6 million for the first quarter ended 31 July 2023 in comparison to RM115.3 million in 1QFY2023, the group attributes the revenue growth of 124.0% due to overseas demand, particularly from China.
The China market accounted for RM65.7 million of its revenue, significantly higher than the RM29.6 million reported in 1QFY2023. Revenue from the domestic market was RM57.3 million, reflecting a strategic shift to mitigate a drop from RM82.1 million in the previous corresponding quarter. Similarly, the group said contributions from Saudi Arabia and other markets, including Indonesia, Thailand, Singapore, and the United Arab Emirates, showed positive trends, standing at RM5.5 million and RM3.1 million, respectively.
Despite the commendable growth in revenue of 14.2%, the Company did observe a 15.6% decrease in gross profit to RM11.1 million in the 1QFY2024 as compared to the 1QFY2023. These challenges were largely attributed to increased material purchase costs and a 29.2% uptick in administrative expenses, factors that the Company said is actively focused on managing.
For the Japanese Fukushima wastewater discharge incident, PT Resources reiterates that this event has had no impact on the company’s business operations and supply chain. The group believes that this incident will only cause short-term concerns for customers since the company has never sourced seafood products from Japan. It is once again emphasised that the primary source of raw materials for PT Resources is from the Southeast Asian region, including Malaysia.
