KUALA LUMPUR (Dec 14): Kein Hing International Bhd (KHI) reported a net profit of RM10 million in its second quarter ended October 30, 2022 (2QFY2023), up 122% from RM4.5 million a year ago mainly due to higher revenue and foreign exchange (forex) gains.

Basic earnings per share increased to 9.21 sen from 4.17 sen, according to a bourse filing on Wednesday (Dec 14).

In a filing with Bursa Malaysia, the metal component supplier said the group’s forex gains stood at RM1.2 million in 2QFY2023 from RM83,000 (2QFY2022).

KHI’s revenue went higher from RM75.1 million to RM100.8 million in the current quarter, contributed by its Vietnam operation which has experienced stronger customer demand for metal parts used in electronic products including printers, refrigerators and washing machines.

In its current year to date (6MFY2023), the group’s net profit also increased to RM15.8 million from RM4.3 million in the preceding year's corresponding period (6MFY2022).

Its profit increase was due to forex gain in its 6MFY2023 at RM1.8 million compared with RM890,000 in the previous year.

Citing both of its Malaysia and Vietnam operations growth in revenue, the company’s six months’ revenue rose to RM181.7 million (6MFY2023) from RM120.9 million (6MFY2022).

In terms of prospects the group will monitor and assess the economic impact arising from the downside risk and inflation in order to minimise any adverse impact on its business operation.

At market close, Kein Hing International Bhd’s share price rose one sen or 0.78% to RM1.29 for a market capitalisation of RM140.48 million.