Asia Poly posts stellar 3Q result on risen demand for cast acrylic sheets
KUCHING: Asia Poly Holdings Berhad (Asia Poly), an ACE Market-listed company primarily involved in the manufacturing of cast acrylic sheets, has registered a net profit of RM4.09 million in the third quarter ended September 30, 2020 (3QFY20), compared to a net loss of RM2.13 million posted in the previous year corresponding quarter.
Meanwhile, its quarterly revenue rose 49.05 per cent to RM30.12 million from RM20.21 million, largely due to the soaring demand of cast acrylic sheets in local and export markets.
The extraordinary third quarter result has brought the group’s 9-month cumulative quarter revenue and net profit to RM57.29 million and RM4.70 million respectively, as compared to the preceding year corresponding period where they posted a revenue of RM54.64 million and RM6.64 million net loss.
This puts Asia Poly on track to return to the green in the financial year ending Dec 31, 2020 (FY2020) after posting losses in the previous two years.
According to a filing with Bursa Malaysia, Asia Poly said that it has seen a sharp spike in orders from new customers in USA and Europe.
Export sales reportedly grew 2,583 per cent to RM10.25 million compared to only RM0.38 million in the previous year corresponding quarter.
Asia Poly executive chairman Datuk Yeo Boon Leong said: “The rising demand for cast acrylic sheet is mainly attributed to the emergence of its new application as a protective barrier against Covid-19, commonly installed in indoor spaces such as shops, restaurants, offices and hospitals to reduce virus transmission and aid social distancing measures.
“This combined with the prolonged US-China trade war, is expected to continue driving the growth of orders and factory utilisation rate which results in greater efficiency and reduction in production cost.
“Looking ahead, we are confident that FY2020 will be a strong growth year for the group,” he adds.