KUALA LUMPUR (March 28): Comintel Corp Bhd posted a net profit of RM5.57 million for its fourth quarter ended Jan 31, 2023 (4QFY2023), compared to a net loss of RM7.90 million a year earlier, thanks to higher revenue from its construction segment.

The group registered an earnings per share of 1.85 sen, versus a loss per share of 5.64 sen for 4QFY2022, according to its bourse filing.

Quarterly revenue jumped 174.97% to RM74.16 million from RM26.97 million previously, as the construction segment’s contribution rose to RM73.8 million from RM25.9 million, through its wholly-owned subsidiary Binastra Builders Sdn Bhd (formerly known as Total Package Work Sdn Bhd).

For the full financial year (FY2023), Comintel reported a net profit of RM16.52 million as against a net loss of RM8.13 million in FY2022, as revenue increased to RM188.67 million from RM38.55 million.

The group said the shortage of skilled labour, fluctuations in building material prices and rising logistic costs could affect its profitability, despite the government’s projection in the revised Budget 2023 that the country’s economy will grow moderately at 4.5%, with the construction sector growing 6.1%.

“The group will continue to monitor the business environment that it operates in vigilantly, and with periodic assessments to be carried out to ensure prudent financial management and efficient operating procedures in order to achieve sustainable growth moving forward,” said Comintel.

Comintel’s share price closed unchanged at 83 sen on Tuesday (March 28), valuing the group at RM317.47 million.