KUALA LUMPUR (June 21): Infomina Bhd (KL:INFOM) has secured an order worth US$11.39 million (RM53.6 million) from a bank in Thailand for information technology (IT) support services.

In a bourse filing on Friday, the IT service firm said that its subsidiary Infomina (Thailand) Co Ltd received the order for technology application, infrastructure operations, maintenance, and support services.

The group did not disclose the specific beneficiary of the services, mentioning only that it is a bank in Thailand.

Work for the order is scheduled to commence on June 1, 2024, and will span five years and seven months until Dec 21, 2029.

Infomina anticipates that the order will strengthen the group's earnings over the period. However, it acknowledges that adverse fluctuations in foreign currency exchange rates, particularly in the US dollar, could potentially impact its financial performance and profit margins unfavourably.

In the third quarter ended Feb 29, 2024 (3QFY2024), Infomina's net profit fell by 61.4% to RM8.78 million from RM22.72 million a year ago, with revenue dropping by 53.7% to RM50.78 million from RM109.73 million.

The decline in revenue, particularly in the technology infrastructure operations, maintenance, and support services segment, was primarily due to a one-off overage fee charged to its customer for higher-than-expected utilisation in the previous corresponding quarter.

For the nine-month period (9MFY2024), Infomina's net profit decreased by 23.1% year-on-year to RM24.99 million from RM32.51 million, as revenue declined by 14% to RM166.63 million from RM193.72 million.

Infomina's shares last traded at RM1.36, giving the group a market capitalisation of RM601.25 million.