Tri-Mode sustains revenue, posts RM43.25 mln for 1HFY18
KUCHING: Integrated logistics service provider Tri-Mode System ( M) Bhd ( Tri-Mode) yesterday posted revenue at RM21.19 million for the second quarter ended June 30, 2018 (2QFY18).
This was a slight decrease of 2.12 per cent, compared to RM21.65 million recorded in the preceding year’s corresponding quarter of 2QFY17.
Coupled with the one- off nonrecurring listing expenses of RM2.10 million, the group posted loss before tax and loss after tax of RM386,000 and RM511,000 respectively.
In addition, the group’s normalised performance without the oneoff non-recurring expenses will result in adjusted profit before tax and adjusted profit after tax ( PAT) at RM1.72 million and RM1.59 million respectively for Q2FY18.
Tri-Mode’s sea freight segment remained the largest revenue contributor, comprising approximately 63.04 per cent at RM13.36 million for 2QFY18, followed by revenue contribution by container haulage and air freight services, which contributed 29.39 per cent and 5.66 per cent respectively to the Group’s total revenue for the quarter under review.
Additionally, Malaysia remained the main country of operations for Tri-Mode that made up of approximately 88.78 per cent of the Group’s total revenue for Q2FY18.
Group Managing Director of Tri-Mode, Datuk Hew Han Seng saw that Tri-Mode’s revenue for the first half of financial year 2018 (1HFY18) stood at RM43.25 million, a rise of 5.33 per cent as compared to RM41.06 million in 1HFY17.
In addition, without the one- off non-recurring expenses, it also translates to higher adjusted PAT at RM3.45 million for 1HFY18, an increase of 25.91 per cent, as compared to RM2.74 million posted for 1HFY17.
We are pleased to share that we have successfully grew our business for the first half of 2018, without utilising the IPO funds raised for our new capital expenditure plans, and we foresee to continue sustaining our business and generate positive bottom line for the second half of financial year 2018.”
“We have recently on July 12 signed an e- commerce logistics agreement with Taiwan Hiclicks platform operator for an exclusive right to operate the e-commerce logistics platform in Malaysia under Hiclicks Malaysia.
“We are expecting to launch the platform in September of 2018, and we believe that our venture into the e-commerce logistics industry in Malaysia will add value to our existing businesses by integrating logistics services solutions into selected e- commerce platforms, simultaneously expanding our air freight business in Malaysia,” Hew further added.
Pertaining to the group’s future plan set in the prospectus, in order to enhance the operations efficiency and extension of the existing warehousing services, the Group is in the midst of finalising the architecture design and submission of planning approval to local town council for the proposed HQ and distribution hub in Westport.
The group has also recently placed a purchase order for 15 new trailers to expand the fleet of haulage vehicles for the existing container haulage business expansion.