TRC Synergy 2Q net profit jumps 21% on higher margin, forex gain

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KUALA LUMPUR (Aug 28): TRC Synergy Bhd saw its net profit jump 21% to RM8.45 million or 1.76 sen per share for the second quarter ended June 30, 2015 (2QFY15), from RM6.98 million or 1.46 sen per share a year ago, on higher margin and share of result of associated companies in the current quarter.

In addition, the group reported a foreign exchange (forex) gain of RM1.93 million in 2QFY15 as opposed to a forex loss of RM1.11 million in 2QFY14. 

This was despite a 17.6% decline in revenue to RM160.23 million from RM194.35 million a year earlier.

In its filing with Bursa Malaysia today, TRC (fundamental: 1.15; valuation: 2) said for the first half of its financial year (1HFY15), net profit jumped 48.2% to RM12.95 million from RM8.74 million in 1HFY14.

Revenue for 1HFY15, however, fell 11.9% to RM345.67 million, from RM392.26 million in 1HFY14.

On prospects for the rest of the current financial year ending Dec 31, 2015, the group expects its major ongoing projects to contribute positively to its performance.

As at 2.46pm, TRC shares were traded up 5.26% at 30 sen, giving it a market capitalisation of RM136.94 million. It saw 304,300 shares changing hands.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)