Magni-Tech FY2021 net profit rises to RM127m on better garment, packaging business

KUALA LUMPUR, June 23 — Magni-Tech Industries Bhd’s net profit for the financial year ended April 30, 2021 (FY2021) rose to RM127.17 million from RM121.81 million recorded last year.

Revenue improved by 1.7 per cent to RM1.23 billion from RM1.21 billion previously, the garment manufacturer said in a filing with Bursa Malaysia today.

Magni-Tech Industries said the better performance was due to higher revenue in both garment and packaging by 1.1 per cent to RM1.12 billion and 9.3 per cent to RM102.27 million respectively, mainly due to higher orders.

On its prospects, the group said the manufacturing and sale of garments will still be its major revenue contributor.

“The group’s operating environment for FY2022 is expected to remain challenging due to the negative effects of a long-drawn Covid-19 pandemic.

“Hence, it will continue to implement proactive measures to control costs, capital expenditure and streamline its operations to mitigate the protracted impact of Covid-19 on its businesses,” the company said. — Bernama

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