Thursday 28 Mar 2024
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KUALA LUMPUR (Nov 15): Suria Capital Holdings Bhd's net profit surged 4.6 times to RM15.5 million in the third quarter ended Sept 30, 2018 (3QFY18) from RM3.39 million a year ago, mainly due to lower other expenses for the current quarter under review.

Other expenses comprised assets written-off and revision to estimated cash flows on receivable.

Earnings per share also jumped to 5.38 sen for 3QFY18 compared with 1.18 sen for 3QFY17.

Quarterly revenue rose 5.5% to RM91.54 million from RM86.75 million in 3QFY17, mainly contributed by construction services revenue from its port operations segment. The port operations segment contributed 97% to the group’s revenue.

The group also declared an interim dividend of 3.5 sen per share for the financial year ending Dec 31, 2018 (FY18), payable on Nov 22. 

In a filing with Bursa Malaysia today, Suria Capital said it posted lower ports’ operating revenue by 2% for 3QFY18 mainly due to lower cargo throughput which fell by 13% year-on-year (y-o-y). However, containers registered higher volume by 14% y-o-y.

For the cumulative nine months (9MFY18), the group's net profit rose 44% to RM44.99 million from RM31.25 million a year ago, while revenue grew 44.5% to RM315 million from RM217.95 million in 9MFY17.

The total tonnage handled year-to-date was 23.2 million tonnes compared with 22.2 million tonnes a year ago. Total containers handled was also higher by 9% at 286,388 TEUs (20-foot equivalent units) compared with 262,308 TEUs registered in the prior year-to-date. 

On prospects, Suria Capital said port operations will continue to be the core business of the group.

"The board of directors is of the view that the port operations will remain resilient and will continue to contribute positive results for the group for FY18," it added. 

Suria Capital shares closed 2 sen or 1.28% higher at RM1.58 today, with 12,700 shares done, bringing a market capitalisation of RM455.33 million.

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