RCE Capital 1Q net profit narrows to RM32.22mil

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KUALA LUMPUR: RCE Capital Bhd’s net profit declined to RM32.23 million in the first quarter (Q1) ended June 30, 2022, from RM35.39 million in the same period a year ago.

Revenue fell by 0.5 per cent to RM77.66 million compared with RM78.03 million previously.

"Following the gradual easing of various restrictions, the group has experienced positive momentum in its business mainly from the increased economic activities and growth prospects,” it said in a filing with Bursa Malaysia.

Nevertheless, the group said it remained vigilant in view of more Overnight Policy Rate (OPR) hikes anticipated ahead.

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"This includes sourcing of competitive financing facilities, maintaining prudence in credit risk management and digital initiatives acceleration to ensure sustainable value creation for all stakeholders,” it said.

Therefore, it expects to remain profitable for the financial year ending March 31, 2023.

At 5 pm, the group’s share price was unchanged at RM1.66, with 295,300 shares changing hands. - Bernama


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