Friday 29 Mar 2024
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KUALA LUMPUR (Nov 21): Pintaras Jaya Bhd saw its net profit for the first financial quarter ended Sept 30, 2014 (1QFY15) rise 9.2% to RM11.51 million from RM10.54 million a year ago on higher contribution from its construction and manufacturing divisions.

Revenue for 1QFY15 surged 48% to RM64.19 million from RM43.38 million. Earnings per share (EPS) improved to 7.2 sen against 6.6 sen in 1QFY14.

In a filing with Bursa Malaysia today, Pintaras Jaya said revenue from construction division for the three months through September was higher by 57% at RM55.4 million, compared with RM35.2 million a year ago.

Despite the substantial increase in revenue, the group said profit before tax (PBT) for the division was only up 8% to RM12.7 million from RM11.8 million a year earlier due to lower progress profits recognised from current on-going projects.

Depreciation charges were also higher during the quarter due to capital expenditure.

Sales from manufacturing division also increased by 7% to RM8.8 million in 1QFY15 from RM8.2 million in 1QFY14.

PBT, however, fell 17% to RM1.5 million from RM1.8 million in 1QFY14 due to a combination of factors which included competitive pricing, higher material and operating costs.

Going forward, Pintaras Jaya expects its construction business to perform well for the rest of the financial year based on its current order book and tender book values. 

"Although our tender book value has reduced and the number of construction starts appears lesser, particularly in the Iskandar region, the construction industry as a whole remains robust on the back of strong construction activities from the private and public sectors," it said.

"The board expects labour and material costs to continue to escalate which may have an impact on our profitability," it added.

Shares of Pintaras Jaya closed down 3 sen or 0.68% at RM4.36 today, bringing a market capitalisation of RM710.43 million.
 

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