Thursday 28 Mar 2024
By
main news image

KUALA LUMPUR (Feb 27): Protasco Bhd posted a net loss of RM5.49 million for its fourth quarter ended December 31, 2014 (4QFY14) compared to a net profit of RM15.41 million a year earlier. The loss came on higher minority interest, and asset impairment amounting to RM103.55 million.

In a filing to the exchange today, builder Protasco (fundamental: 1.2; valuation: 1.15) said revenue fell to RM375.28 million from RM387.99 million due to the completion of several construction projects.

Protasco said it registered "impairment losses made for the coal trade deposit, and advance in Protasco Trading Sdn Bhd" amounting to US$6.06 million (RM18.9 million).

"Impairment on the purchase consideration due from PT Anglo Slavic Utama and the advance made to PT Anglo Slavic Indonesia amounted to US$27 million (RM84.64 million)," Protasco said.

For the year, Protasco registered a net loss of RM47.86 million compared to a net profit of RM48.17 million a year earlier. Revenue rose to RM1.04 billion from RM969.71 million.

Going forward, Protasco expects its construction and property development units to be among main drivers of revenue and profit in FY15.

“The group will also continue to explore other business opportunities, both locally and internationally, to further enhance shareholders’ value,” it said.

At 4:36pm, Protasco shares traded six sen or 3.4% lower at RM1.73, translating to a market capitalisation of RM580 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

      Print
      Text Size
      Share