T7 Global ekes out 1.2% gain in Q1 net profit

30 Jun 2020 / 19:15 H.

PETALING JAYA: T7 Global Bhd’s net profit rose slightly by 1.2% to RM1.14 million in the first quarter ended March 31, against a net profit of RM1.13 due to a lower cost of sales offset by lower revenue.

Its revenue fell to RM48.78 million, a 13.3% decline from RM56.27 million reported previously.

According to the group’s Bursa disclosure, its engineering packages revenue for the quarter increased 17.7% to RM25.13 million compared to RM21.35 million reported previously.

As for its product & services business, revenue fell 32.3% to RM23.65 million from RM34.92 million posted previously.

Due to the current sustained oil prices and the uncertainties affecting the oil & gas sector, T7 expects the year to remain challenging as it will remain as its core business.

It stated it will continue to bid for new contracts and will be looking for industry opportunities where the group and its strategic alliances possess the relevant expertise and experience to venture into.

As for its aerospace division, the group is currently exploring opportunities to provide our metal surface treatment services to other relevant industries that require such services.

Simultaneously, the group stated that it will also look into new ventures within its capability and expertise for potential business growth.

email blast