Highlight Prestariang 3Q net profit plunges 59%

by **Cals** Thu 27 Nov 2014, 02:13

Highlight
Prestariang 3Q net profit plunges 59%

KUALA LUMPUR (Nov 26): Information and communication technology training and certification providerPrestariang Bhd ([You must be registered and logged in to see this image.] Financial Dashboard)’s net profit shrank 59.2% to RM5.03 million in the third quarter ended Sept 30 from RM12.33 million.
The company said that the lower profit was mainly due to the completion of Projek Komputer 1Malaysia, and the deferment of renewal of IC CITIZEN programme, these are also the factor that dragged Prestariang’s revenue lower in 3QFY14.
Its revenue more than halved to RM16.85 million from RM35.5 million in the previous corresponding period. Earnings per share (EPS) slid to 1.04 sen from 2.55 sen in the previous corresponding period.
Fro the cumulative nine-month period ended Sept 30 (9MFY14), the group registered a net profit of RM18.48 million, 41% lower against RM31.35 million a year ago; whilst revenue stood at RM66.49 million, fell 25.3% from RM88.97 million in 9MFY13.
EPS shed 41% to 3.82 sen, against 6.48 sen last year.
In a press release today, Prestariang said that it remains positive on future business contribution, as it sees 9MFY14 performances to be an “investment period” to grow its mid to long-term business plan for 2015 and onwards.
The group also highlighted some of its effort in business progression such as its collaboration with the Ministry of Education; penetration into the construction sector through partnership; expansion in oil and gas training services through joint-venture; and its partnership with Majlis Amanah Rakyat (MARA).
Prestariang share price has been on downward slope since late July. It fell from its all-time high of RM2.34 to a low of RM1.40 in mid-October. The stock price was up three sen or 1.94% at RM1.58 today, with 3.96 million shares done, giving it a market capitalisation of RM764.72 million.