KUALA LUMPUR (March 22): KYM Holdings Bhd posted a net loss of RM277,000 for the fourth quarter ended Jan 31, 2023 (4QFY2023) compared to a net profit of  RM2.95 million a year earlier, due to lower profit contributions by its multi-wall industrial paper sacks division and higher tax expenses.

The group reported a loss per share of 0.18 sen versus earnings per share of of 1.97 sen in 4QFY2022.

Quarterly revenue was up 7.02% to RM27.27 million from RM25.44 million previously.

For the full financial year, the group’s net profit jumped 151.25% to RM8.93 million from RM3.55 million in FY2021, driven mainly by the strong performance of the multi-wall industrial paper sacks segment as a result of the increase in selling price and higher sales to export markets.

Full-year revenue rose 45.31% to RM120.38 million from RM82.84 million.

In its bourse filing, KYM said that despite the challenging landscape and an expected slowdown in market, the group will continue to strive to improve its cost management, supply chain efficiency and operational efficiency to cushion the external cost impact to the group.

“Our Multiwall Industrial Paper Sacks division has embarked on trials for a new innovative and sustainable packaging for a major customer and it was successful,” added KYM deputy chief executive officer Darren Lee. “The timeline to roll out commercial production is targeted for the second half of 2023.”

Lee also said that the group is actively pursuing new business opportunities in order to enhance its financial performance, and is optimistic of navigating the challenges and achieving satisfactory performance in 2023.

KYM’s share price closed one sen or 1.87% lower at 54.5 sen on Wednesday (March 22), valuing the group at RM81.94 million.