Protasco 2Q profit jumps 110%

Protasco 2Q profit jumps 110%
Business & Markets 2013
Written by Shalini Kumar of theedgemalaysia.com
Friday, 30 August 2013 18:56

KUALA LUMPUR (Aug 30): PROTASCO BHD [] recorded a net profit of RM14.9 million in the second quarter ended June 30, 2013 (2QFY13). This is more than double or 110% above the RM7.1 million in the previous corresponding quarter.

Revenue rose to RM196 million from RM158.4 million previously, Protasco said in a statement to the exchange.

"The (revenue) increase was largely contributed by higher revenue from the (road) maintenance, CONSTRUCTION [] and trading segments.

"Coupled with improved operating margins, the group’s operating profit and profit after tax registered growth of 10% and 30% respectively compared to the same period in previous year," Protasco said.

For the six months, Protasco posted a net profit of RM19.8 million versus RM12.7 million a year earlier. This came on the back of RM330.7 million in revenue compared to RM277.4 million.

Looking ahead, the company said it expects the maintenance segment to continue to be the major contributor to its results.

"With the securement of three new construction projects during the quarter under review, contribution from the construction segment is also expected to increase.

"As for property development segment, De Centrum mix development project will also contribute a significant portion to the group’s revenue with encouraging sales of PROPERTIES []," Protasco said.

Protasco also said its remains positive of its overall performance in 2013 and will focus on improving operational efficiency and productivity to ensure sustainability and profitability in the future.