KUALA LUMPUR: Ecomate Holdings Bhd expects its prospects for the financial year ending Feb 28, 2022 (FY22) to be challenging, saying that the furniture industry is highly sensitive to macroeconomic factors including the future economic prospects of the countries it exports to.

       In a filing with Bursa Malaysia, the Muar-based furniture specialist pointed out that the group is involved in the design, manufacture and sale of home furniture products, and operates in four regions (Asia, North America, Australasia and Europe).

       Ecomate said the group had temporarily suspended production on June 1, 2021 as the International Trade and Industry Ministry had categorised the furniture manufacturing sector as non-essential.

       The group had resumed production in mid-September, following the completion of 14 days after the second dose of the Covid-19 vaccination for its workers.

       For its third quarter ended Nov 30, 2021 (Q3’22), Ecomate posted a net profit of RM2.62mil and revenue of RM15.7mil.

       There was no year-on-year comparison of financial results as Ecomate had made its debut on the ACE Market on Nov 8, 2021.

       However, on a quarter-on-quarter basis, Ecomate saw its revenue in Q3 jumped 142.9%, mainly due to the higher sales demand in Malaysia, while the group returned to the black (from a loss of RM1.8mil in Q2’22).

       The group noted that in Q3, Malaysia was the largest regional market, and contributed 43.46% to its revenue.

       For the nine months under review, Ecomate posted a net profit of RM3.2mil and revenue of RM40.9mil.

       Earnings per share was 0.92 sen for the nine-month FY22.