PETALING JAYA: Software and IT systems firm IFCA MSC Bhd’s net profit jumped to RM9.7mil for its first quarter ended March 31, compared with a net profit of RM421,000 for the same period last year, following a strong billing quarter for software implementation.
The company, whose share price has gone up more than 14-fold in the past year, also said yesterday that it had entered into a heads of agreement with Indonesian firm PT IFCA Consulting Indonesia (PICI) to acquire its business for RM32mil.
PICI is principally engaged in the provision of turnkey business solutions and mainly distributes IFCA’s computer software to the property sector in Indonesia.
The proposal hinges on several conditions, including the completion of a due diligence exercise in relation to the business of PICI.
Revenue for the quarter under review, meanwhile, stood at RM32mil, 134% higher than the revenue of RM13.7mil posted in the same quarter a year earlier.
In its notes accompanying its results, the group said it expects to maintain its business growth momentum from China operations, goods and services tax services and Software As A Service solutions offerings in Malaysia.
