JES International posts RM221,000 profit from newly acquired plastics business

JES International Holdings posted a net profit of RM221,000 (S$71,000), or RM0.018 per share, after consolidating the newly acquired plastic products supply business from Maya Asia Resources (MAR).

Year-ago numbers are not available for comparison.

Revenue was RM7.8 million.

The company continued to have a net liability position of RM48.2 million as at end-March.

Although the first completion of the MAR acquisition has been achieved, full completion is still subject to certain conditions, including shareholder approval. If the acquisition is not completed, JES will treat the unwinding of the consolidated business as a disposal.

JES chairman and chief executive Audrey Jin said: "As the MAR group has a good track record, we believe that it will increase shareholders' value as compared to the company's then-existing China shipbuilding business".