KUALA LUMPUR (Nov 30): Bonia Corp Bhd posted a net profit of RM14.21 million or 7.07 sen earnings per share for the first quarter ended Sept 30, 2022 (1QFY2023), as revenue and gross profit margin improved as economic activities resumed.

In the same period last year, it posted a net loss of RM4.84 million or loss per share of 2.41 sen.  

The improved quarterly net profit was also due to a low base effect in the same quarter last year, as sales were depressed by Covid-19 restrictions and lockdown affecting its operations in both Malaysia and Singapore, the fashion retailer’s bourse filing showed.

Quarterly revenue more than doubled to RM91.74 million, from RM42.85 million a year ago, primarily driven by the growth in volume as a result of normalisation of business, opening of new stores and the continuous brand-building exercise and product development during the quarter.

The company has declared a single tier interim dividend of two sen per share, with the entitlement date on Dec 22 and payment on Jan 6, 2023.

Moving forward, the company said it remains vigilant amid continuous headwinds in the business environment, primarily driven by geopolitical and economic uncertainty, monetary tightening policy, supply chain disruption and the weakening of the ringgit.

Bonia closed up three sen or 1.46% to RM2.09 on Wednesday (Nov 30), giving it a market capitalisation of RM421 million. Year-to-date, the stock has rallied 109% from RM1 on Jan 3 this year.