Kronologi Asia posted a lower net profit of RM3.1m for Q2

PETALING JAYA: Kronologi Asia Bhd posted a lower net profit of 39.2% to RM3.1 million for its second quarter (Q2) ended July 31, 2022 from RM5.1 million for the same period last year on higher finance cost and depreciation of property, plant and equipment.

Revenue decreased 15.27% to RM63.13 million from RM74.51 million for its corresponding quarter in 2021.

For its cumulative period, net profit declined 41.72% to RM5.32 million from RM9.12 million due to higher finance cost and depreciation of property, plant and equipment arising from the investment in infrastructure equipment for EDM As-A-Service.

Its revenue also decreased by 9.66% to RM120.46 million from RM133.33 million, driven by on-going macroeconomic and geopolitical uncertainties impacted the sentiment of the H1’22, which included continued stringent lockdowns experienced in China resulting in commercial and production delays, and the higher economic inflation and increasing interest rates.

“The group’s performance during the last quarter and throughout this fiscal period was weaker than our initial expectations. We however, remain cautiously optimistic that signs of economic reopening in China and continued healthy take up of our consumption (Pay per Use) and subscription (As-a-Service) models will power the group’s performance for the second half of FY2023,” said its CEO Edmond Tayi in a bursa filing.

The group together with its subsidiaries, is a provider of Hybrid and Cloud EDM technology and solutions company, providing on-site and off-site EDM and data storage solutions to Asian businesses.