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Results Note – Inari Bhd (BUY, maintain) - Positive reaffirmation to our strong BUY conviction




Affin Hwang Investment Bank Bhd


16 May 2013





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3QFY13 net profit jumps on steady margins and positive tax charge For 3QFY13, Inari reported a sequentially weaker revenue of RM56.8m (-8.5% qoq) in tandem with a seasonally weak quarter for the industry. However, 3QFY13 net profit jumped +43.7% qoq to RM12.4m due to a reversal in the previous quarter’s tax provision (positive tax charge of RM4.1m in 3QFY13) as a result of the granting of pioneer status for a key subsidiary. 3QFY13 EBITDA margin was slightly weaker at 29.2% (2Q13: 31%) although of no major concern. We believe that this is due more to the lower operating leverage for the quarter.

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