Saturday September 5, 2009
Ingress sees drop in Q2 net profit
PETALING JAYA: Ingress Corp Bhd reported a 40% drop in net profit to RM2.95mil in the second quarter ended July 31, despite its revenue growing to RM177.7mil against RM155.54mil a year ago.
The group’s automotive division posted higher revenue of RM157mil during the period, but recorded lower profits. The company did not elaborate on why its operating margin had contracted during the quarter compared with the previous corresponding period.
Meanwhile, its power engineering and project (PEP) division made a slight loss before tax of RM0.5mil.
Ingress said it expected revenue from its automotive parts division would continue to rise, while sales volume from its premium car dealership was also projected to grow.
However, its overseas operations in Thailand and Indonesia may see lower sales.
“For PEP division, new awards are expected to materialise,” the company told Bursa Malaysia yesterday.
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