Iris Corp 1Q net profit dips slightly

Iris Corp 1Q net profit dips slightly
Business & Markets 2013
Written by Shalini Kumar of theedgemalaysia.com
Tuesday, 27 August 2013 20:16

KUALA LUMPUR (Aug 27): Iris Corp Bhd posted a net profit of RM7.7 million, a slight dip from the RM8.3 million posted in the previous corresponding quarter.

In a filing with Bursa Malaysia today, Iris said the lower profit was mainly due to "higher interest costs incurred in the current quarter and higher unrealized foreign currency exchange gain recognized in the previous comparable quarter".

Revenue for the quarter was RM133.9 million, from RM102.5 million.

The traditional core business of the group - Trusted Identification Division and Payment & Transportation Division recorded lower revenue of RM87.8 million, mainly attributed to the completion of Malaysia e-Passport ICAO
Compliance Project in the last financial year and lower delivery of Tanzania e-ID.

The Sustainable Development, Agro and Food TECHNOLOGY [] and Industrial Building Systems Division recorded higher revenue of RM35.6 million.

The Environment & Renewable Division recorded revenue of RM10.5 million from RM1 million compared to the same period last year - on the sales of electricity generated from the waste-to-energy incinerator plant in Phuket, Thailand. The plant was completed and commissioned in July 2012.

Looking ahead, Iris Corp said the prospects for the core business remain bright for its 2014 financial year.

"The division’s revenue is expected to be derived mainly from the trusted identification’s projects, namely Malaysia e-Passport inlays, Nigeria e-Passport inlays, Tanzania e-ID cards project and Bangladesh MRP Passport project," it said in its filing.

"The 700-tonnes Waste-to-Energy Incinerator Plant in Phuket, Thailand and the newly set up 300-tonnes Food Waste-to-Fertilizer Plant in Weinan, China are expected to produce positive results in the coming financial year
2014," it added.