Thursday 28 Mar 2024
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KUALA LUMPUR (May 27): TRC Synergy Bhd's net profit for the first quarter ended March 31 (1QFY19) skyrocketed almost nine times to RM13.04 million from RM1.49 million a year ago on lower foreign exchange (forex) losses.

Quarterly revenue rose 8.3% to RM195.74 million, from the RM180.78 million posted in the previous year.

Earnings per share (EPS) for the quarter increased to 2.71 sen from the 0.31 sen seen in 1QFY18.

The group said its higher net profit was due to higher gross margins and a lower unrealised forex loss of RM1.37 million, from the RM9.9 million posted in the corresponding quarter a year ago.

Its construction works segment posted a profit before tax of RM21.62 million, while its hotel segment saw a profit before tax of RM6,000.

However, the group's investment holding segment made a loss before tax of RM1.3 million. Its project development and property development segment reported losses of RM344,000, while its concrete piles, ready mixed concrete and manufacturing segment made a loss before tax of RM31,000.

"The group lauded the government's recent decisions in revival, reinstatement and resumption of some public infrastructure projects throughout the country.

"Against the background of positive industry development and barring any unforeseen economic and market circumstances, the group look forward to a better financial year," said TRC Synergy on its prospects.

The counter closed 2.5 sen or 3.76% higher to 69 sen — with 123,700 shares traded — giving it a market capitalisation of RM331.54 million.

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