Ingress sees net profit growth in Q3

Auto & Audio December 19, 2018 01:00

By The Nation

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Listed firm Ingress Industrial (Thailand) Plc, a Pan-Asian auto-parts maker, shows total revenue of Bt912.56 million and net profit of Bt26.63 million in the third quarter of this year, or up 12.3 per cent and 1,458 per cent from the same period of last year.

The company’s chief executive officer Hamidi Bin Maulod said that this is due to the strong automotive market volume in Thailand, Malaysia, Indonesia and India.

Revenues from Thai subsidiaries accounts for 32.54 per cent of the total, with Malaysia at 55.25 per cent, Indonesia at 6.38 per cent and India at 5.83 per cent.

The revenue trends from Thailand and India remain strong despite seasonal effects, he said. For the nine-month period, the firm reports Bt2.37 billion revenue, compared with revenue of Bt2.14 billion in the same period last year. Net profit for this period equals Bt48.35 million, down from Bt104.36 million in the same period last year due to higher tax expenses and loss from foreign exchange.

The company’s board of director has approved paying an interim dividend of Bt0.026 per share, totalling Bt37.62 million, to all shareholders. The company will close its shareholder book on January 3rd, 2019.

On business fundamental, the firm has continued to win new orders to produce auto parts for various automakers in many countries. The company has a capital expenditure budget of approximately Bt540 million .

“ Recently, we have started mass production for various new projects in Thailand, Indonesia and India. Therefore, we expect the strong performances, accordingly,” Bin Maulod said.