JES International swings back into black with net profit of RM17.6m

JES International posted a net profit of RM17.6 million in the second quarter, compared to a net loss of RM4.4 million a year ago, mainly due to income arising from the waiver of payables to JES Universal Co Pte Ltd and JES Global Ltd.

For the three months ended June 30, 2017, earnings per share stood at 1.42 Malaysian cents. Year-ago numbers are not available for comparison.

The company generated a revenue of RM3,000 in Q217 arising from management fees charged to its subsidiary and the sale group companies recorded a revenue of RM22.4 million from April 1, 2017 to June 30, 2017.

Net cash used in operating activities by the company was approximately RM23,000 for H1 17, compared with net cash used in operating activities by the company of RM3.6 million in H1 16.