Minetech posts RM1.17mil net profit, cautious on outlook

KUALA LUMPUR: Minetech Resources Bhd
reported net profit of RM1.17mil in its first quarter ended March 31,
2013, a turnaround from the net loss of RM640,000 a year ago on improved
margins for its bituminous products segment.
The mining firm on
Friday said Q1, 2013 revenue increased by 40.9% to RM45.2mil versus
RM32.1mil last year. However, it was lower than Q4, 2012 which stood at
RM48.8mil.
Earnings per share were 0.39 sen.
In a Bursa
filing, Minetech said it would continue with its expansion to
collaborate with other industry experts to improve the existing asphalt
products and to broaden the range of the asphalt products overseas.
It said the group has been actively participating in local project tenders to enhance its earnings.
Moving
forward, Minetech expects growth to be sustained for the financial year
ending 2013 with existing and future projects under the Economic Transformation Programme (ETP).
However
it said the board remains cautiously optimistic on gaining favourable
results due to the instability of the Eurozone and volatility of global
raw material prices