The better net profit is also due to the higher sales volume and the depletion of high-cost inventory that was in the group’s books in FY2023, which led to better gross profit margins.
HG Metal Manufacturing is expecting to report a net profit for the 1HFY2024 ended June 30, reversing from a net loss in the same period the year before.
The expected improvement in the group’s bottom line is attributed to the absence of a one-off loss for its discontinued operations in the Myanmar subsidiary. The group divested its investment in the same subsidiary in February this year.
