Latest news with #SynergyHouse
The Star
01-08-2025
- Business
- The Star
US softens tariff on Malaysia, boosting FBM KLCI
KUALA LUMPUR: Investors welcomed the reduction in US tariffs on Malaysian exports, with sentiment turning positive in early trade after the rate was lowered to 19% from the previous 25%. The FBM KLCI rose 8.97 points, or 0.59%, to 1,522.22 at 9.09 am, after opening 6.62 points higher at 1,519.87. On Bursa Malaysia, gainers included Malaysian Pacific Industries , which rose 40 sen to RM20.54, UMS Integration, which added 25 sen to RM5.25, Synergy House up 20 sen to 61.5 sen, and Maybank, gaining 17 sen to RM9.56. Meanwhile, Heineken slipped 12 sen to RM23.80, United Malacca fell 10 sen to RM5.25, Chin Tek eased five sen to RM9.75, and MSM dropped five sen to 97 sen. 'We are of the view that the imposition of a 19% tariff rate on Malaysian goods exported to the US could bode well for the Malaysian economy and stock market, as it offers a relatively competitive position compared to higher global tariff regimes,' said Berjaya Research Sdn Bhd. The research house said the reduced tariff level supports domestic industries while maintaining openness to trade, potentially attracting foreign investment and boosting investor confidence. Under the latest US tariff list, Malaysia, Thailand, Indonesia, the Philippines, and Cambodia each face a 19% rate. Vietnam faces a 20% tariff, while Brunei is listed at 25%. Laos and Myanmar are subject to the highest rate at 40%. Singapore is not included in the latest round of adjustments. On the technical front, Berjaya Research noted that the FBM KLCI has formed a bearish candlestick pattern, indicating a continuation of its downward-bias consolidation. However, the research house believes bargain hunting may emerge following greater clarity over tariff rates. This is seen as mildly positive and could lift the key index towards its immediate resistance at 1,540 points, with the next level at 1,550 points. 'On the downside, near-term support is seen at 1,511 points, followed by 1,500 points,' it said.
BusinessToday
29-05-2025
- Business
- BusinessToday
Synergy House's Profit Plunges 73% To RM2.4 Million Despite Higher Revenue
Cross-border e-commerce seller and exporter of ready-to-assemble home furniture, Synergy House Bhd, net profit for the first quarter ended March 31, 2025 (1Q25) experienced a significant drop despite the group achieving a higher revenue figure for the quarter. For 1Q25, the group's net profit decreased by 72.8% to RM2.45 million from RM9.01 million. This is despite the group recording revenue of RM88.1 million, a 5.3% increase from RM83.7 million in the corresponding period last year. This was underpinned by a strong performance in the group's business-to-consumer (B2C) segment. The group's B2C revenue soared 17.3% year-on-year to RM51.2 million, up from RM43.7 million in the corresponding quarter last year. This performance was fuelled by strong demand from North America, Europe and Malaysia, as Synergy House continues to expand its presence on major e-commerce platforms and tap into evolving consumer trends. The positive momentum in B2C helped partially offset a 7.8% contraction in business-to-business (B2B) revenue, which stood at RM36.9 million compared to RM40 million in 1Q24. The B2B segment faced headwinds from geopolitical tensions in Europe and Asia, although North American markets remained resilient. Despite the profit dip, Synergy House Executive Director Tan Eu Tah said the group's financial position remains strong. 'As of March 31, 2025, the group reported shareholders' funds of RM126.2 million, a net gearing ratio of just 0.09 times and a healthy current ratio of 1.9 times. 'The group also held RM59.9 million in cash, bank balances and short-term investments, reinforcing its liquidity and ability to navigate short-term obligations,' Tan said, adding that the group will maintain a cautiously optimistic outlook for the remainder of FY25. 'We are sharpening our B2C strategy by diversifying across more e-commerce platforms and expanding into premium product categories that align with shifting consumer preferences. 'Our investment in artificial intelligence and market intelligence tools is equipping us with real-time insights to respond faster and smarter,' he said. While the near-term outlook remains clouded by macro and geopolitical risks, Tan said Synergy House is anchoring its strategy on digital transformation, product innovation and resilient e-commerce channels. 'We are committed to responsible growth that delivers long-term value to our stakeholders. 'By blending innovation with operational discipline, we aim to strengthen our position as a global player in the online furniture retail space,' Tan added. Related
