SINGAPORE (May 31): Samurai 2K Aerosol reported a 10.8% fall in FY19 earnings to RM10.4 million ($3.4 million) from a year ago.

Full-year revenue fell 19.3% to RM72.6 million due to 3.5 million lower sales volume of 12.3 million cans in FY19.

Samurai 2K Aerosol is the manufacturer of aerosol coating paint specialist with a focus on the automotive refinishing and refurbishing industry

Although sales in Malaysia and other markets rose by 4.7% in FY19, exports to Indonesia fell by 32.6%, said Samurai 2K Aerosol.

Gross profit fell 18.1% to RM31.7 million as cost of sales fell 20.3% to RM40.9 million in tandem with lower sales volume.

In its outlook statement, the group expects its operating environment to remain challenging for the next 12 months.

The group says it is still in the process of trying to understand the US market while it hopes to break into the Indian market in half a year’s time after the first market survey was completed in September 2018.

Shares in Samurai 2K Aerosol last traded at 92 cents.