KUALA LUMPUR (Sept 28): Cypark Resources Bhd’s net profit rose 16.4% to RM19.22 million in the third financial quarter ended July 31, 2018 (3QFY18) from RM16.5 million a year ago, due mainly to improved margin contribution from the environmental engineering, and green technology and renewable energy (RE) divisions. 

This resulted in a higher earnings per share of 7.26 sen for 3QFY18, compared with 6.49 sen for 3QFY17.

Quarterly revenue came in flattish at RM75.13 million, from RM75.1 million a year ago.

For the cumulative nine months (9MFY18), the group's net profit increased 27.3% to RM50.22 million from RM39.45 million a year ago, while revenue grew 8.7% to RM258.23 million from RM237.51 million in 9MFY17.

Cypark attributed these increases to contribution from new projects executed in the environmental engineering division.

On prospects for the current financial year ending Oct 31, 2018 (FY18), Cypark said the national market in environmental engineering, renewable energy and green technology is expected to improve in 2018, mainly due to national policies and incentives which provide opportunities for green technology and RE players to enhance their business activities and market presence.

"The favourable outlook in this area is in line with the global agenda which foresees stronger commitment towards the allocation of more resources for green technology and RE.

"Embarking into its prospective years, Cypark foresees that the boosting financial performance will continue its momentum. In the next phase of the business transformation, Cypark will continue to focus on managing cost and investment, optimising manpower and operation, and increasing productivity and efficacy; eventually boosting its market share and competitive advantage," it added.

Cypark said it will also continue to enhance its resources in research and development for continuous innovations and creativity, as a solution provider in environmental engineering, green technology and RE.

"The emphasis for the future is to foster its four main business segments: renewable energy; green technology; environmental engineering and solutions; and construction and engineering.

"The company expects to put more resources into the four segments through which Cypark anticipates to enhance its capacity to realise future opportunities," it said. 

Cypark’s share price closed unchanged at RM2.40 today, with 85,400 shares traded, giving it a market capitalisation of RM719.6 million.