Protasco 3Q profit falls but declares 4 sen dividend

by **Cals** Thu 28 Nov 2013, 18:41

Business & Markets 2013

Written by Zatil Husna of theedgemalaysia.com

Thursday, 28 November 2013 18:01

KUALA LUMPUR: Protasco Bhd’s net profit for the third quarter ended Sept (3QFY13) fell 27% year on year due to higher operating expenses.

Protasco, an integrated infrastructure development provider, posted profit of RM13.0 million for the 3Q compared to RM17.9 million in the same corresponding period last financial year.

Its revenue rose to RM250.9 million from RM206.6 million previously.

The company declared a 4 sen/share dividend.

In a note to the exchange today, the group said higher contribution came from its construction segment. Its property development and engineering segments turned around to post profit, from a loss in the same corresponding period last year.

However, its maintenance and education segment posted lower profit.

For the nine months period (9MFY13), the group’s profit rose RM32.7 million from RM30.7 million.

The group’s revenue increased to RM581.7 million from RM484.0 million a year ago.

Looking forward, the group said its maintenance segment will continue to be the major contributor to its results, coupled with the improving performance of the property development segment.

Furthermore, Prostasco has increased its book order with the award of a project with a value of up to RM578.5 million to construct 1,680 apartment units in the Federal Territory of Putrajaya under the 1Malaysia Civil Servants Housing Programme (PPA1M).

“The project is expected to contribute positively to the future earnings of the group,” the group said.