KUALA LUMPUR (Dec 31): Cypark Resources Bhd, an environmental technology and engineering services provider, saw its net profit for the fourth quarter ended Oct 31, 2014 (4QFY14), dropped 28% to RM6.42 million or 3.48 sen per share from RM8.93 million or 5.42 sen per share a year ago.

The fall in its quarterly net profit was attributed to lower revenue from environmental engineering projects, year-end provisions made for bonus and other administrative expenses, as well as unrealised foreign exchange differences.

Revenue for the quarter fell 12% to RM50.04 million from RM56.76 million previously, its filing with Bursa Malaysai this evening showed.

Nevertheless, for the full year ended Oct 31, 2014 (FY14), Cypark registered an 11% increase in net profit to RM39.94 million or 21.7 sen per share from RM35.92 million or 21.79 sen per share previously, thanks to savings from  tax incentives granted to its renewable energy projects.

Revenue in FY14 was up 7% to RM237 million from RM220.67 million previously, on increased contributions from its renewable energy division, and landscaping, infrastructure and construction businesses.

Going forward, Cypark expects its performance to “remain positive and strong”, based on positive outlook for its renewable energy and waste management businesses.

“The renewable energy business is expected to contribute significantly and the group expects to secure additional quota once the new quota allocation is opened for application,” Cypark said.

It added that the integrated waste management plant is expected to boost its earning and enhance its financial position, which will provide a stable revenue stream over the next 25 years.

Cypark is controlled by its executive chairman Tan Sri Razali Ismail with a 27.34% stake. A former representative to the United Nations, Razali is also chairman of IRIS Corp Bhd with a 1.69% equity interest.

Cypark is also backed by pilgrim fund Lembaga Tabung Haji, which emerged as a substantial shareholder on Sept 10 by acquiring 10.87 million shares or a 5.53% stake. Tabung Haji’s stake in Cypark now stands at 5.88%.

Cypark shares have fallen 27.51% from RM2.97 on April 23 to close at RM2.15 today, giving it a market capitalisation of RM423.2 million.