KUALA LUMPUR: Freight Management Holdings Bhd’s (FMH) net profit jumped 78.8% to RM10.28mil in the first quarter to Sept 30 (1Q22), from RM5.75mil a year ago.

       The group registered revenue growth of 44% to RM213.52mil against RM148.68mil a year prior due to higher freight rates and business activities in the current quarter.

       Its revenue for the current quarter of RM213.5mil was 6% lower than the preceding quarter mainly due to lower activities as a result of the lockdown imposed by the Government in the quarter.

       However, its pre-tax profit in 1Q22 increased by 6% as compared to 4Q21 as the preceding quarter recorded higher operating expenses.

       FMH is optimistic about its business activities despite the challenges and potential risks of the uncertain global economic activities and the supply chain due to Covid-19 pandemic.

       “The group will continue to focus on expanding its customer base regionally and improve cost management via operational efficiencies,” it said in the notes accompanying its financial results.