Iconic Worldwide managing director Datuk Tan Kean Tet said the group managed to turnaround its financial performances in FY20, although the tourism segment experienced some setbacks due to reorganisation exercises and the effects of the Covid-19 pandemic. NSTP/EMAIL
The property developer said this marked its first profitable financial year in 15 years since 2005.
In an exchange filing yesterday, Iconic Worldwide said the profit was boosted by significant contributions from its property development segment.
Its FY20 revenue rose almost 20 per cent to RM24.01 million from RM20.03 million a year ago.
For the fourth-quarter (Q4) period, the group’s
revenue surged 342.24 per cent to RM10.68 million from RM2.42 million.
It posted a net profit of RM3.37 million from a net loss of RM12.15 million a year ago.
Managing director Datuk Tan Kean Tet said the group managed to turn around in FY20, despite the tourism segment having experienced some setbacks due to reorganisation exercises and the effects of the Covid-19 pandemic.
“We received favourable contributions from the property development segment which enabled us to record a full-year profit for the first time since 2005.
“We will aim for a much more improved performance and result with property development as our main driver, supported by tourism and followed closely by our new manufacturing segment,” he said in a statement.
Iconic Worldwide recently ventured into face mask manufacturing, initially targeting factory and construction companies in Malaysia.
Its new manufacturing facility located at Juru, Penang, is capable of producing face masks at a rate of 100 pieces per minute, amounting to about 2.0 million to 3.0 million face masks a month.
There were also plans to increase production to 5 million face masks a month by the third quarter of this year.
Iconic Worldwide said there was a need to adopt to the new normal by venturing into new and relevant businesses.
The face mask business will start to contribute to the company’s financial year ending March 31, 2021.