KUALA LUMPUR: Haily Group Bhd registered a net profit of RM1.35 million for the third quarter (Q3) ended September 30, 2022, from a net loss of RM553,000 in the corresponding period last year, supported by higher revenue.
Its revenue came in higher at RM49.91 million, up 184.6 per cent from RM17.54 million posted a year ago, mainly attributable to the increase in revenue recognised from its building construction segment, which rose from RM17.58 million last year to RM49.67 for the quarter.
For the nine months, the company's net profit rose 35.6 per cent to RM4.14 million versus RM3.05 million a year ago.
Revenue rose 53.2 per cent to RM136.97 million from RM89.43 million in the corresponding period last year due to construction works undertaken for the company's ongoing projects.
The company remained cautiously optimistic about its prospects for the current financial year, given the continuing recovery of the construction industry.
"Nevertheless, the company will remain vigilant and steadfast in navigating these challenging times.
"The company will continue to focus on its core competency in building construction in Johor and expand into other districts in Johor - from Johor Bahru and Kulai districts into other districts in Johor as well as expanding into industrial building construction," it said.
Moving forward, the company expected its performance to be driven by its existing ongoing construction projects and new projects expected to be secured.
"The company views that its financial results for the financial year ending December 31, 2022, will remain favourable," it added.