KUALA LUMPUR (Nov 25): Privasia Technology Bhd saw its net profit for the third quarter ended Sept 30, 2014 (3QFY14) rise 34% to RM1.03 million or 0.18 sen per share from RM769,000 or 0.13 sen per share a year ago, on the back of healthy double-digit growth in the outsourcing and consulting (OSD) and satellite based network services (SAT) segments.

The group's OSD and SAT segments expanded by 29.6% to RM10.6 million and 20.2% to RM2.7 million in 3QFY14 respectively.

In addition, the group’s wholly-owned subsidiary Privanet Sdn Bhd is making good turnaround this year from loss-making status in 2010, as it primarily focuses on niche areas of telecommunications and broadcasting, particularly in Indonesia.

Revenue for 3QFY14 rose 28% to RM17.86 million from RM13.95 million in 3QFY13.

The information and communication technology outsourcing provider did not declare any dividend for 3QFY14.

For the nine months to Sept 30, 2014 (9MFY14), Privasia’s net profit, however, slipped 15% to RM3.3 million or 0.57 sen per share from RM3.91 million or 0.7 sen per share a year ago, on lower gross profit margins from certain projects.

Revenue rose 4.6% to RM45.32 million from RM43.34 million in 9MFY13.

On its outlook, Privasia said it will actively grow its current business segments as it leverage on our growing its reputation and portfolio of successful projects.

“We remain optimistic of our prospects going forward, as our recent contract wins, coupled with our existing OSD orderbook, take the group’s total orderbook to RM159.3 million, lasting us till 2020,” Privasia chief executive officer and managing director Puvanesan Subenthiran said in a statement today.

Privasia shares have appreciated by 80.95% from 10.5 sen on Oct 23 to close at 19 sen yesterday, giving it a market capitalisation of RM106.1 million.

Privasia is majority-owned by Puvanesan, with a 29.82% stake.