KUALA LUMPUR: EP Manufacturing Bhd (EPMB) posted a net profit of RM2.3 million in the fourth quarter (Q4) ended 31 December 2022 (FY22), a slight decrease from RM2.74 million posted in the same quarter last year.
Revenue stood at RM186.7 million from RM126.61 million registered in the same quarter last year.
The higher revenue recorded was attributed to the reimbursement of tooling costs by customers and increased sales volume as carmakers stepped up deliveries of vehicles booked during the sales tax exemption period.
For FY22, EPMB recorded a net profit of RM0.4 million as compared to a net loss of RM8.19 million in the previous year.
The bottom-line improvement was achieved on the back of higher production output, which in turn resulted in improved economies of scale for the company.
Acting chief executive officer Lim Sim Yee said the positive financial performance in FY22 is a prelude to EPMB's improved results expected this year.
"We are optimistic that our business strategies implemented in recent years will keep us on a positive growth trajectory.
"While the domestic automotive industry is expected to see slower sales in 2023, introducing new car models by leading manufacturers, including electric vehicles, would help entice and sustain consumer buying interest.
"EPMB will focus on new market opportunities that can contribute positively to the company's results for FY23," she said in a statement.