Manforce Group Berhad (MFGROUP:KLS), a provider of foreign worker management and manual labour services in Malaysia, reported on 29 November that revenue rose 3.9% in its fiscal year ended 30 September. Gross margin at the Petaling Jaya, Malaysia-based company increased.

“Due to the spike in Covid-19 cases and re-implementation of [a movement control order], it has raised more uncertainties on the overall market condition and the current market sentiment remains challenging for all businesses,” according to the company. “In addition, current border restriction has resulted [in a] freeze on foreign worker recruitment. The group has implemented tighter measures to maintain existing foreign workers.”

Whilst the government has gradually eased the restriction and businesses are allowed to operate under strict operating procedures, it will take time for the local economy to recover and normal social behaviour to resume, the company said.

Manforce Group also noted the uncertainty caused by Covid-19 will continue to be challenging in the next fiscal year.

Share price and market cap

Shares in Manforce Group Berhad were unchanged in trading on Wednesday at MYR 0.235 (USD 5 cents), according to FT.com. The company had a market cap of MYR 76.22 million (USD 18.0 million).