Texchem Resources Bhd announced its second quarter revenue ot RM294.7 million which is a 22.6% year-on-year increase. The group said the double-digit increase was chiefly attributed to higher sales across all its core divisions, resulting in Texchem returning to the black with a profit after tax and non-controlling interest of RM1.0 million in 2QFY24 versus a net loss of RM6.3 million in the previous year's corresponding quarter.
Commenting on the financial performance of Texchem Resources Bhd Group of Companies, Executive Chairman of Texchem, Tan Sri Dato' Seri (Dr) Fumihiko Konishi said "The 2QFY24 financial performance marks a meaningful turnaround and with this, the Group will continue its effort to improve performance."
Fumihiko said the industrial division achieved a 25.5% YoY revenue growth to RM134.7 million driven by continuous effort to improve sales. Revenue from the Polymer Engineering Division jumped 35.2% YoY to RM56.9 million following recovery in the semiconductor, hard disk drive and medical life sciences sectors. Separately, the Food and Restaurant Divisions posted a top-line increase of 17.3% YoY and 10.6% YoY, reaching RM32.5 million and RM69.6 million respectively.
1HFY24 revenue was 12.1% YoY higher at RM570.4 million as compared to RM509.0 million in the previous year, predominantly due to improvement in the Industrial and Polymer Engineering Divisions. The bottom-line performance also improved as net loss for the period under review narrowed to RM0.4 million vis-à-vis RM6.5 million in 1HFY23.