Margin Pressure Impacts Econframe Q2 Net Profits

Econframe Berhad reports its 2QFY24 and first half financial results, for the first half performance in the current period under review revenue was up 53.5% year-on-year to RM54.2 million as compared to RM35.3 million a year ago. The company said this was also the first time its first half turnover surpassed the RM50 million-mark. The double-digit improvement was chiefly attributed to stronger sales as well as contribution from its aluminium glazing and façade works business, Lee and Yong Aluminium Sdn Bhd.

In tandem with the solid top-line performance, Econframe also recorded the highest-ever first half profit after tax and non-controlling interest with net profit jumping 41.4% YoY to RM7.8 million versus RM5.5 million in 1HFY23.

For the current quarter under review, the Group posted a revenue of RM27.0 million. This was a rise of 46.4% YoY from RM19.6 million in 2QFY23. However, pressure on the Group’s gross profit margin and higher professional fees incurred led to a smaller-than-proportionate increase at the bottom-line. 2QFY24 net profit came in at RM3.4 million, an increase of 6.6% YoY from RM3.2 million in the previous year corresponding quarter.

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