Mayu Global Group Berhad, a manufacturer and trader of metal products in Malaysia, reported that the company’s net income was MYR 645,000 in the third quarter that ended March 31, 2023, dropping by 69% compared to the same period a year ago, due to decrease in manufacturing profit margin on surged raw material prices.

Meanwhile, the sales rose by 44% year on year to MYR 35.3 million, owing to increased progress fees in the property development sector.

In the first three quarters of the fiscal year, Mayu Global’s net income was MYR 7.2 million, up by 3.4% year on year. The sales hiked by 54.1% year on year to MYR 126.04 million.