KUALA LUMPUR: Techna-X Bhd registered a net profit of RM301.9 million for the second quarter (Q2) ended June 30, 2022 compared to a net loss of RM33.5 million for the same quarter last year.
Techna-X's revenue rose 65.1 per cent to RM20.8 million in Q2 2022 from RM12.6 million last year.
The company said the strong results was largely due to the divestment of its original metallurgical coke business.
"The turnaround effectively reversed the company's shareholders' fund to be in the black of RM93.0 million as at June 30, 2022 compared to a negative equity of RM27.0 million as at December 31, 2021.
"With the positive shareholders' fund, Techna-X's net assets currently stand at 4.5 sen per share," it said.
For the first half ended June 30, 2022 Techna-X posted net profit of RM316.5 million compared to a net loss of RM57.4 million, while its revenue rose 89.3 per cent to RM42.0 million from RM22.2 million previously.
Executive director Datuk Jared Lim said the company was working on numerous projects.
Lim said ghe projevts would have high growth potential in terms of scale of implementation, as well as promising adoption of its technologies and solutions by the market that it was targeting.
"A case in point is our energy storage solution, which is on the cusp of mass adoption by commercial and industrial entities," he said.