AN inspection, test and measurement equipment maker, QES Group Bhd’s net profit for the fourth quarter ended Dec 31, 2019 (4QFY19) fell to RM1.75 mil from RM3.76 mil a year ago while its revenue also came in lower at RM41.44 mil versus RM59.19 mil.
The company’s full FY19 net profit slumped to RM3.3 mil from RM14.81 mil in the previous year while revenue dropped to RM161.37 mil from RM193.09 mil, representing a decrease of 30%.
In a Bursa Malaysia filing on Feb 24, the company said the lower 4QFY19 revenue was due to a drop in sales by RM9.84 mil from the distribution division and RM7.91 mil from the manufacturing division. This was caused by the slowdown in the global economy this year as compared to the preceding year.
The manufacturing division was especially affected by the slowdown in the global semiconductor industry as our manufactured products are primarily used by semiconductor companies.
QES Group was listed on Bursa Malaysia’s ACE Market in March 2018. – Feb 24, 2020
