Cypark posts RM43.6m Q2 revenue(5184)

Integrated renewable energy power producer, Cypark Resources Bhd, has announced revenue of RM43.6 million and net profit of RM7.8 million for the second quarter of financial year ending Oct 31, 2012.

Revenue for the same quarter recorded a growth of 6.5 per cent to RM43.6 million from the RM40.9 million in the corresponding quarter of the last financial year, while profit before tax surged 33 per cent to RM10.1 million from RM7.6 million previously.

The improved performance was attributed to the project secured for the proposed construction and completion of road works, drainage, utilities and landscaping works at Putrajaya under the landscaping and infrastructure segment, the group said in a statement today.

For renewable energy, the total amount of RM935,876 for the current financial period represents the accrued revenue of green electricity generated from the solar farm in Pajam where export of power has commenced since March 2012.

Its group chief executive officer, Daud Ahmad said with the Pajam solar park generating and exporting energy to the national grid and three more solar parks about to 'go live' in the next quarter, the renewable energy business is expected to contribute significantly to growth.

The group believes that with the various initiatives being implemented by the Malaysian government in promoting green energy, plans for future growth augurs well for Cypark Resources Bhd.

Daud added that the newly approved integrated waste management plant, for which the concession agreement is currently being finalised, is expected to be signed soon.

The plant which includes waste to energy facility through the public-private partnership scheme, is expected to boost earnings of the group and enhance its financial position over the next 25 years. -- BERNAMA