KUALA LUMPUR (Aug 20): Perak Transit Bhd’s net profit grew 31.29% year-on-year to RM10.13 million for the second quarter ended June 30, 2018 (2QFY18) from RM7.72 million on higher contribution from its integrated public transportation terminal, and petrol station operations.

Its earnings per share came in at 0.79 sen compared with 0.61 sen a year ago, said Perak Transit in its filing with Bursa Malaysia today.

Its quarterly revenue rose 24.89% to RM31.25 million compared with RM28.22 million in 2QFY17.

For the first half ended June 30 (1HFY18), 2018, the group’s net profit climbed 34.59% to RM18.58 million from RM13.8 million while revenue rose 4.24% to RM57.36 million from RM55.03 million a year ago.

In a separate statement, Perak Transit said 38% of the group's revenue came from the integrated public transportation terminal operation.

It said the contribution from higher project facilitation fee (PFF) amounted to RM7 million compared with RM3.2 million in 1QFY18, and revised rental of advertising and promotion spaces resulted in the good performance in 2QFY18.

PFF is a fee that is fixed at 2.5% of estimated total gross development cost of a new bus terminal that is paid to Perak Transit for the provision of concept papers in building and operating a new express bus terminal.

Its managing director Datuk Seri Cheong Kong Fitt said the group ended its 1HFY18 with its "best-ever" quarter and expects to see the "strong momentum to continue".

"Our next catalysts are intact, which is the new integrated public transportation terminal in Kampar to be completed by 4Q18 as well as our plan to transfer to the Main Market of Bursa Securities," he said.

He said the 2QFY18 results, and its improving operational and customer service highlighted its business strength.

Looking forward, the group said the outlook for the integrated public transportation terminal operations segment is expected to be favourable driven by its expansion plans in Perak.

Perak Transit is also developing integrated public transportation terminals in Bidor and Tronoh but is not able to state the construction costs as the projects are still at the preliminary stage.

Barring unforeseen circumstances, the board said the group’s financial performance will remain favourable for the financial year ending Dec 31, 2018 (FY18).

Its share price closed half sen or 1.64% lower at 30 sen for a market capitalisation of RM414.87 million.