PT Resources sees better business environment

PETALING JAYA: PT Resources Holdings Bhd is confident about maintaining a positive performance for its financial year ending April 30, 2023 (FY23), due to a a rebound in economic activities in Malaysia.

In a statement, the group said in view of the pandemic moving to the endemic phase, social and business activities can be seen gaining traction throughout 2022.

The group made its debut on the ACE Market yesterday, and opened at 37 sen against its initial public offering (IPO) price of 36 sen.

Regarding risks posed by rising costs, PT Resources said, “We will reduce cost and increase selling prices marginally – to cushion the impact of global cost-push inflationary pressures on operating costs and improve profitability.”

The group is involved in the processing and trading of frozen seafood products.

Besides the domestic market, its products are exported to markets such as China, Saudi Arabia, the Philippines and the United Arab Emirates. PT Resources also owns and operates six MO Foodmart outlets and a MO wholesale centre in Pahang and Terengganu, as well as the MO Signature online marketplace.

The group also said it would strengthen access to channel partners and establish more MO Foodmart outlets, prioritising the East Coast of the Peninsular.

Also, PT Resources will look to increase supply to China and the Middle East, in view of the easing of global Covid-19 export-import requirements. For its first quarter ended July 31, 2022, net profit increased 60.8% to Rm7.5mil while revenue jumped 55.6% to Rm115.3mil, mainly driven by the increase in domestic demand.