SFP Tech revises FY24 net profit upward by 24pct post-audit
In a filing with Bursa Malaysia, the company said its audited net profit stood at RM11.98 million, versus RM9.68 million reported in its unaudited fourth-quarter results released in February.
This prompted the company to issue a formal explanation in compliance with Bursa Malaysia's ACE Market listing requirements.
SFP Tech attributed the upward revision primarily to a higher gross profit, which was driven by lower cost of goods sold due to the absorption of inventory-related labour and overhead costs.
In addition, the company recorded a lower tax expense due to the reversal of previously overprovided deferred tax liabilities.
These gains were partially offset by a reduction in other income and higher administrative expenses, the company said.
"The board is of the opinion that the adjustments be made accordingly to give a true and fair view of the financial position of the company," it added.
The company's profit before tax was revised from RM21.3 million to RM22.7 million, while tax expenses were adjusted downward from RM11.62 million to RM10.72 million.
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