PETALING JAYA: Econframe Bhd’s net profit rose 62.7% to RM2.66mil for the first quarter of financial year ending Aug 31, 2022 (Q1’FY22) from RM1.64mil in Q1’FY21 on higher revenue recorded and lower administrative expenses.

       During the quarter in review, the company saw its revenue increase 15% to RM13.3mil from RM11.57mil, driven by its manufacturing segment, which registered higher billings and higher selling prices for metal door frames.

       “The higher selling price was mainly due to adjustment made following the increase in raw material cost,” Econframe said in its filing to Bursa Malaysia.

       On the group’s prospects, the company noted, the market sentiment of the property sector, of which the group was dependent on, was expected to recover gradually.

       This is following the expected national economic recovery and positive economic signals including the high vaccination rates, implementation of recovery polices by the government and expected reopening of international borders.

       “Barring unforeseen circumstances, the group is cautiously optimistic of achieving a more sustainable performance as the market demand for the group’s product continues to remain firm,” it said.

       “The group will continue to focus on delivering and completing all unfulfilled orders in hand within the agreed timeline with its customers.

       “Market confidence in 2022 will continue to be heavily influenced by positive or negative developments of containing Covid-19,” it added.