KUALA LUMPUR (Dec 13): Fashion firm Carlo Rino Group Bhd (KL:CRG), which will see the transfer of its listing from Bursa Malaysia's LEAP Market to ACE Market on Dec 18, reported a net profit of RM2.34 million or 0.29 sen per share for its first financial quarter ended Sept 30, 2024.
Quarterly revenue stood at RM19.83 million, according to the group's exchange filing on Friday. There are no year-ago comparative figures as this is the compny’s first interim financial report in compliance with ACE Market’s listing requirements.
The primary contributor to the earnings continues to be the boutique distribution channel, which remains the main driver of revenue for the company, Carlo Rino noted.
No dividend was declared during the quarter.
Carlo Rino previously announced a net profit of RM19.31 million for the full financial year ended June 30, 2024.
Looking ahead, Carlo Rino said that while the outlook for the fashion industry across key markets in the Southeast Asia region is positive, the company is "committed to approaching these opportunities with a measured and prudent strategy".
The company mainly designs and sells women’s handbags, footwear and accessories out of 36 boutiques in shopping malls and five boutiques at premium outlets in Malaysia. It also consigns its product to 82 departmental store counters and markets its products online.
Carlo Rino’s initial public offering (IPO) in conjunction with its listing transfer was oversubscribed by 18.43 times for the 48.88 million new shares offered to the public at 27 sen each.
The IPO aimed to raise RM46.4 million, with more than half of the funds earmarked for working capital including to stock up inventory and as marketing expenses. About one-third is set aside for construction and fitting-out of a new flagship boutique and other facilities.
The rest is to be used for refurbishment of boutiques and counters at departmental stores as well as for maintenance of IT infrastructure and to defray listing expenses, according to its IPO prospectus.