Censof Holdings posts be er results the second financial quarter

KUALA LUMPUR: Financial management so ware solutions provider Censof Holdings Bhd posted a net profit of RM3.95 million for the second financial quarter ended Sept 30, 2020, a turnaround from a net loss of RM178,000 a year earlier.

In a statement yesterday, the company said the higher profit a er tax (PAT) of RM4.83 million for the quarter versus RM0.29 million in the corresponding quarter last year was partly due to a RM2.1 million gain on the disposal of its stake in Dagang Nexchange Bhd completed during the quarter.

Revenue, meanwhile, increased 16.7 per cent to RM18.04 million from RM15.45 million in the yearago quarter.

The company a ributed the higher revenue mainly to the higher contribution from its Government - Financial Management Solution and Commercial – Financial Management Solution segments, which also included contribution from the Netsense Group, which was acquired earlier this year.

For the first half of financial year ending March 31, 2021 (FY21), the PAT’s 492.8 per cent year-on-year growth was, among others, a ributed to the RM8.9 million gain on fair value adjustment on quoted investment recorded in the first quarter.

Meanwhile, Censof Holdings Bhd managing director Ameer Shaik Mydin said the group had signed more than 10 new cloudbased financial management solution contracts and had successfully secured over 5,000 subscribers under its SME accounting solutions (Financio).