Econframe records RM5.34m net profit in FY2020

KUALA LUMPUR, Oct 26 — Door manufacturer Econframe Bhd recorded a net profit of RM5.34 million for the financial year ended Aug 31, 2020 (FY2020).

It said in a Bursa Malaysia announcement today that the group’s total revenue for FY2020, recorded at RM40.62 million, was principally derived from the manufacturing segment.

It accounted for approximately 79.8 per cent of the group’s total revenue, which was mainly driven by metal door frame sales and fire-resistant door sets.

“The increase was mainly contributed by the manufacturing segment when the group resumed operations at 100 per cent of its workforce under the Conditional Movement Control Order (CMCO) and Recovery MCO during the current quarter ended Aug 31, 2020,” it said.

It added that the board is cautiously optimistic that the group is able to withstand the current uncertainties and is well-positioned to capture opportunities as the market recovers.

“As the group is not considered a critical sector for the supply of essential goods/services, the group was unable to conduct its business operations during the MCO.

“The group resumed operations on April 20 at 50 per cent of its workforce and to 100 per cent under the CMCO on May 4,” it added.

Earlier this month, Econframe received 11,827 applications for 670.02 million new shares with a total value of RM187.60 million.

It is seeking to list on the ACE Market tomorrow and the exercise entails a public issue of 65 million new ordinary shares to raise about RM18.20 million. — Bernama