PBA registers 77pc pre-tax profit jump

PBA Holdings Bhd (PBAHB), the sole appointed water supply company for Penang, has reported a 76.99 per cent increase in pre-tax profit to RM26.23 million for the financial year ended Dec 31, 2010, from RM14.82 million recorded in 2009.

Chairman, Lim Guan Eng said the better performance was attributed to a 63 per cent improvement in other operating revenue and a 9.3 per cent increase in commercial water usage in Pulau Pinang.

"Besides, a five per cent reduction in administrative cost and a comprehensive revenue of RM1.24 million also contributed to the higher pre-tax profit," he told reporters after chairing its annual general meeting today.

In line with the encouraging performance, PBAHB approved a final dividend of three per cent, less tax, bringing the total dividend payment for the year to six per cent.

Revenue rose 7.5 per cent to RM198.54 million in 2010, said Lim, adding that this translated into a 77 per cent increase in profits.

"This demonstrated efficient management of the company," Lim said. -- Bernama