KUALA LUMPUR (Nov 18): Pharmaceutical company YSP Southeast Asia Holding Bhd (KL:YSPSAH)’s net profit fell 41.9% to RM3.47 million in the third quarter ended Sept 30, 2024 (3QFY2024), from RM5.98 million a year ago, dragged by foreign exchange (forex) loss and lower sales.

During the quarter (3QFY2024), it posted a foreign exchange loss of RM12.51 million, compared to a foreign exchange gain of RM3.12 million a year before, its bourse filing showed.

Quarterly revenue dropped 3.66% to RM87.14 million, from RM90.45 million a year before. No dividend was declared.

For its first nine months of FY2024, the group's net profit declined by 29.71% to RM20.51 million from RM29.17 million in 9MFY2023, even as cumulative revenue rose 2.35% to RM271.91 million from RM265.67 million on higher sales. It blamed the lower profit for 9MFY2024 on higher unrealised forex losses.

The group said it remains cautiously optimistic on maintaining its financial performance for 2024 and will take a cautious approach in reviewing and monitoring market conditions.  

It also said that the demand for generic drugs continues to grow in the pharmaceuticals market and that higher sales have been projected for pharmaceuticals and over-the-counter drugs as consumers take a more proactive stance towards their health and well-being.  

After hitting a multiple-year high of RM3.03 in June this year, YSP's share price has erased nearly all its year-to-date gains. The stock closed five sen or 2.03% lower at RM2.41 on Monday, bringing it a market capitalisation of RM341.85 million.