KUALA LUMPUR (Nov 29): Lingkaran Trans Kota Holdings Bhd (Litrak)’s net profit for the second quarter ended Sept 30, 2022 doubled to RM81.2 million, from RM37.49 million a year earlier, on the back of higher revenue and a lower depreciation and amortisation charge.

Earnings per share rose to 15.03 sen from 7.04 sen, said the group, which last month completed its sale of two highway concessionaires.

Quarterly revenue climbed 65.22% to RM128.11 million from RM77.54 million, due to a higher tollable traffic volume resulting from the country’s transition to the endemic phase of Covid-19 from April.

This was in contrast to the same period last year, when the group recorded lower tollable traffic volume following the imposition of travel restrictions by the government in response to Covid-19.

For the six months ended Sept 30, Litrak’s net profit rose 83.17% to RM138.12 million from RM75.41 million a year earlier, while revenue grew 53.55% to RM252.74 million from RM164.6 million.

Looking ahead, Litrak said its disposal of highway concessionaires Lingkaran Trans Kota Sdn Bhd and Sistem Penyuraian Trafik KL Barat Holdings Sdn Bhd (Sprint) was completed on Oct 13.

Following this, Litrak does not have any core business other than being an investment holding company. Accordingly, it has become a cash company, as defined under Practice Note 16 of the Main Market Listing Requirements.

“In such circumstances, Litrak has a period of 12 months from the date it receives the notice from Bursa Malaysia to regularise its condition,” the group said.

Litrak’s share price closed unchanged at 51 sen on Tuesday (Nov 29), bringing the group a market capitalisation of RM276.23 million.