Asiaphos announced its profit guidance for its 3QFY2024 ended Sept 30 results.
The group says that it expects to report a net profit for 3QFY2024 and 9MFY2024 as compared to the same period in 2023.
According to the group, the net profit is attributable to a gain on disposal of subsidiaries in 3QFY2024, lower selling and distribution costs in 3QFY2024 in 9MFY2024 following reduced sale activities of phosphate chemical products.
Additionally, the net profit comes on the back of lower finance costs during the same period due to the full repayment of the group’s outstanding bank loan in January and the full repayment of loans due to controlling shareholders in July. This was partially offset by an increase in general and administrative expenses, mainly attributed to higher professional fees incurred for various corporate exercises during the periods, adds the group.
The group says it is currently in the process of finalising its results, which is expected to be released on or before Nov 14.
Shares in Asiaphos closed flat at 0.5 cents on Nov 6.
