Sapura Industrial Q4 net profit up 46.03%

PETALING JAYA: Sapura Industrial Bhd’s net profit for the fourth quarter ended Jan 31, 2018 rose 46.03% to RM5.21 million from RM3.57 million a year ago due to recognition of non-recurring customer claims.
Revenue for the quarter however, fell 12.36% to RM63.34 million from RM72.27 million a year ago mainly due to lower demand from original equipment manufacturers.
For the full year ended Jan 31, 2018, net profit fell 49.94% to RM3.08 million from RM6.15 million a year ago due to lower revenue, higher costs of imported materials and non-recurring expenses incurred with factory re-layout activities in preparation for new parts launched in October 2017.
Revenue for the year fell 5.13% to RM211.71 million from RM223.16 million a year ago, reflecting the 0.6% drop in total industry volume from 580,124 to 576,635 motor vehicles in 2017.
The group has recommended a final dividend of two sen for the financial year ended Jan 31, 2018.
An interim dividend of two sen per ordinary share was paid on Jan 24, 2018.
Despite the projected 2.3% growth in total industry volume this year, the group said 2018 will continue to be challenging for the automotive sector.