The Wisynco Group is reporting net profit of $1.48 billion on record revenues of $16.19 billion for the first quarter of this year.
However, this represents a slight decline in profit compared to the $1.51 billion earned on revenues of $14.64 billion in the same period last year.
The company says the record revenue performance was driven by higher production capacity from newly installed manufacturing lines, along with increased export demand.
Selling and distribution expenses also climbed, moving from $3.6 billion to $3.9 billion for the quarter.
Wisynco's financial report noted that profit before taxation fell to $1.8 billion compared with $1.9 billion last year.
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