KUALA LUMPUR (March 22): Paper and personal care product manufacturer NTPM Holdings Bhd reported turnaround in its net profit for the third quarter of financial year 2024 (3QFY2024) from a year earlier, on the back of higher sales and decreased materials cost.

Net profit for the three months ended Jan 31, 2024 stood at RM6.3 million or 0.56 sen per share, compared to a net loss of RM7.32 million or 0.65 sen per share in 3QFY2023. 

Quarterly revenue rose 11.75% to RM241.06 million from RM215.72 million in 3QFY2023, NTPM’s bourse filing showed. 

Moving ahead, NTPM aims to remain profitable in the coming quarter, amid the positive results recorded, that was driven by the adjustment in its market strategy.  

“These include lowering its product prices, appealing to a broader customer base, increasing customer interest and fostering brand loyalty, among others,” NTPM said.  

Notably, its tissue paper products segment, which reported a net loss of RM10.5 million in 3QFY2023, has reversed to become profitable by RM1.1 million in the current quarter under review. 

For the nine-month period ended Jan 31, 2024 (9MFY2024), NTPM’s net profit stood close to RM2.44 million, compared to losses of RM9.73 million in the preceding year’s corresponding period. Nine-month revenue gained 5.56% to RM689.6 million, from RM653.29 million previously.  

NTPM said its business operations remain challenging moving forward, amid persistent geopolitical tensions, inflationary pressure and volatile foreign exchange rates, as well as the economic growth trajectory.

NTPM’s shares closed half a sen or 1.32% higher at 38.5 sen on Friday, valuing the group at RM432.37 million.