KUALA LUMPUR (Nov 20): Formosa Prosonic Industries Bhd (KL:FPI) fell into the red in the third quarter — the electronics manufacturer’s first loss-making quarter since 2015 — on lower sales and foreign exchange (forex) loss.

It incurred a net loss of RM18.1 million for the third quarter ended Sept 30, 2024 (3QFY2024) versus a net profit of RM48.87 million in 3QFY2023, according to its bourse filing on Wednesday. Formosa last posted a quarterly loss in 1QFY2015 with a net loss of RM1.67 million.

Revenue for the quarter fell 14.42% to RM200.65 million from RM234.46 million on lower sales. The company booked a forex loss of RM54.7 million in 3QFY2024 versus a gain of RM10.37 million a year ago. No dividend was recommended for the quarter.

For the nine months ended Sept 30, net profit fell 60.43% to RM33.61 million from RM84.94 million in the same period last year, as cumulative revenue rose 2.87% to RM534.84 million from RM519.94 million.

Formosa cautioned that its operating environment would continue to be challenging in the coming quarters as the global macroeconomic environment remains uncertain, with rising geopolitical conflicts, tariffs and export bans impacting consumer spending.

“The group is aware of these circumstances and will remain vigilant and monitor the situation closely and take necessary steps to mitigate any adverse impact and to optimise its operations to adapt to the volatile business environment,” it added.  

Shares in Formosa ended two sen or 0.69% lower at RM2.89, valuing the company at RM745.92 million.