KUALA LUMPUR (Dec 18): George Kent (Malaysia) Bhd's net profit halved to RM10.26 million for its third financial quarter ended Oct 31, 2019 (3QFY20) from RM20.55 million a year ago, due to lower revenue contribution from its engineering and construction division.

This resulted in a lower earnings per share of 1.9 sen for 3QFY20 compared with 3.7 sen for 3QFY19.

Revenue for the quarter also fell 29.6% to RM72.91 million from RM103.55 million a year ago.

Nevertheless, the group declared a second interim dividend of one sen per share for the financial year ending Jan 31, 2020 (FY20), payable on Feb 5, 2020. This brings total dividends for the year to 2.5 sen per share or RM13.44 million.

The weak quarterly performance dragged the group's net profit for the cumulative nine months (9MFY20) down by 47.8% to RM34.82 million from RM66.67 million a year ago, while revenue declined 19.9% to RM253.41 million from RM316.25 million in 9MFY19.

In a statement today, its chairman Tan Sri Tan Kay Hock said the group will further accelerate growth by substantially increasing its investments in rail and waterrelated projects through mergers and acquisitions and strategic partnerships.

"We continue to leverage on our expertise and experience as a rail systems Integrator to actively pursue railway opportunities in the region. Similarly, with the successful completion of over 30 water infrastructure projects in the last 26 years, the group is well-positioned to explore opportunities arising from the government's drive to resolve the country’s non-revenue water issue," he added.

George Kent shares closed unchanged at 96 sen today, giving it a market capitalisation of RM540.74 million. The counter saw 1.83 million shares traded.