This article first appeared in The Edge Financial Daily on August 29, 2017

KUALA LUMPUR: Puncak Niaga Holdings Bhd widened its net loss by 66% year-on-year (y-o-y) to RM30.38 million in the second quarter ended June 30, 2017 from RM18.26 million, as operating costs jumped.

Its financials showed operating costs grew 89% y-o-y to near RM68 million from RM36.04 million, which offset the 186% surge in revenue to RM29.63 million from RM10.36 million.

Its oil and gas segment also contributed to the wider quarterly loss, as pre-tax loss climbed 52% y-o-y to RM2.9 million from RM1.9 million on lower other income. No revenue was recorded.

Its water and waste water segment’s pre-tax profit, meanwhile, grew 20% y-o-y to RM2.4 million, amid higher revenue and lower operating expenses, while construction’s pre-tax loss retreated to RM14.2 million from RM14.5 million.

For the cumulative six months, net loss grew 15% y-o-y to RM73.1 million from RM63.8 million — though revenue jumped 113% to RM49.94 million from RM23.45 million — again because of higher operating expenses.

Going forward, Puncak Niaga is looking to grow its operations in the core businesses of water and waste water, sewerage, environmental engineering and construction, both locally and abroad. It is also looking to explore opportunities in new areas like oil palm plantation and property development.