KUALA LUMPUR (June 28): Astino Bhd's (KL:ASTINO) net profit fell 36.7% to RM8.04 million in the third quarter ended April 30, 2024 (3QFY2024) from RM12.71 million a year earlier, due to a decline in sales and profit margin.

Earnings per share dropped to 1.65 sen compared with 2.59 sen in 3QFY2023, according to the flat steel product manufacturer's bourse filing. No dividend was declared for the quarter under review.

Quarterly revenue declined 13% year-on-year (y-o-y) to RM135.6 million from RM155.9 million, due to fewer business days as the Lunar New Year and Hari Raya Puasa occurred during this period.

The quarterly revenue was the lowest in two years, since 1QFY2022, when it posted RM136.5 million.

For the cumulative nine-month period (9MFY2024), net profit rose 23.5% to RM28.39 million from RM22.98 million, underpinned by higher local sales and profit margins.

Revenue increased slightly by 0.7% to RM470.4 million from RM467.3 million during the same period.

Going forward, the group said volatile steel prices and currency fluctuations have created pricing uncertainty, though it will monitor steel prices to protect profit margins and maintain competitiveness.

"Barring any unforeseen circumstances, the group will continue to strive for commendable performance to maintain the group’s competitiveness in the long term," it added.

Astino's shares gained 1.5 sen or 2.4% to 63 sen on Friday, valuing the company at RM308.42 million.