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KUALA LUMPUR: Bolstered by a positive performance in the first quarter of its financial year, Elk-Desa Resources Bhd plans to leverage on the recovery of the domestic economy to bring its hire purchase receivables portfolio to pre-pandemic levels.

“Moving forward, the domestic economy is expected to remain on a recovery trend, supported by the continued expansion in global demand and higher private sector expenditure given improving labour market conditions and on-going policy support,” said Elk-Desa Resources executive director and chief financial officer Teoh Seng Hee in a statement.

However, he noted that macro-economic uncertainties remain, including concerns related to higher cost of living that may impact current and potential hirers.

In the first financial quarter ended June 30, 2022, Elk-Desa recorded a net profit of RM17.59mil, which was about 3.5 times RM4.97mil in the previous comparative quarter.

Earnings per share picked up to 5.83 sen from 1.67 sen in the same quarter last year.

The group reported revenue of RM38.96mil, as compared with RM31.37mil in the comparative quarter on higher contribution from both hire-purchase and furniture segments.

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According to Teoh, hire-purchase revenue rose 7% to RM24.52mil, reflecting an expansion in the portfolio.

The segment also saw a reversal of impairment allowance of RM5.36mil compared to an impairment allowance of RM8.22mil in the same period last year.

Net impaired loans ratio decreased from 2.89% as at March 31, 2022, to 1.83% as at June 30, 2022.

There was also a reversal of credit loss charge of 0.98% compared to a credit loss charge of 1.43% in the last corresponding quarter.

Meanwhile, the furniture segment's revenue jumped 70% to RM14.44mil on higher sales, due to the absence of movement restrictions seen in the comparative quarter.

"Our positive performance was due to the better-than-expected decrease in non-performing accounts and exceptionally good collection trend.

"While this is facilitated by the normalisation of the national economy following the disruptions caused by the global health pandemic, we do not foresee such reversal of impairment to continue in the current year as uncertainties still persist within our operating environment,” said Teoh.