Friday 29 Mar 2024
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KUALA LUMPUR (Nov 25): UEM Edgenta Bhd reported a 33% increase in net profit for its third financial quarter ended Sept 30, 2015 (3QFY15) to RM69.9 million from RM52.41 million a year ago, on higher contribution from its integrated facilities management and infra services division.

In a filing with Bursa Malaysia today, UEM Edgenta reported a revenue of RM734 million for 3QFY15, which was 6.9% lower than its 3QFY14's RM788.79 million, due to lower revenue from its asset consultancy division as a result of overall weak economic condition in Australia.

The downturn in oil prices also affected project commencement in the group's Canadian based subsidiary.

For the nine-month period (9MFY15), UEM Edgenta reported a net profit of RM165.93 million, up 28.5% from RM129.09 million seen a year ago, due to a re-measurement of the deferred consideration payable by Opus International Consultants Ltd of RM21.3 million.

Revenue for 9MFY15 was up 2% at RM2.23 billion from RM2.18 billion a year ago, on higher revenue from its infra services division, particularly higher work progress and certifications for the North-South Expressway fourth lane widening and Bayan Lepas Expressway project.

On prospects, UEM Edgenta said the growth in its asset consultancy division will continue to be affected by the weak economic condition in Australia, while prevailing low oil prices will keep affecting project commencement in the group's Canadian based subsidiary.

The growth from its hospital support services sector, meanwhile, will be affected by the reduction in contribution from its Sarawak operations from the fourth quarter this year.

"We also foresee that the depreciating ringgit will have an impact on the financial performance moving forward, due to the expected higher cost for services rendered and supplies consumed," said UEM Edgenta.

Its shares closed unchanged at RM3.39 today, with a market capitalisation of RM2.76 billion.

(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.)

 

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