George Kent 3Q net profit up 2.26% to RM7.23 mil

by **Cals** Mon 15 Dec 2014, 21:14

George Kent 3Q net profit up 2.26% to RM7.23 mil

PETALING JAYA (Dec 15): George Kent (Malaysia) Bhd ([You must be registered and logged in to see this image.] Financial Dashboard)'s net profit for the third quarter ended Oct 31, 2014 (3QFY15) went up 2.26% to RM7.23 million from RM7.07 million in the previous corresponding quarter, largely due to the steady progress of the Ampang LRT line extension project.
Revenue for 3Q15 rose 33.63% to RM96.03 million from RM71.86 million in 3QFY14, the group's filing to Bursa Malaysia today showed.
The company also issued a second interim single-tier dividend of 1.2 sen per share, to be payable on Jan 26.
Its cumulative nine-month (9MFY15) net profit rose 11.66% to RM19.8 million from RM17.73 million in the previous corresponding period. Revenue for the period, however, slipped 1.49% to RM235.93 million compared to RM239.49 million in 9MFY14.
In a press release, the company said its manufacturing and trading division recorded higher revenue of meters in 9MFY15, contributed by new contracts secured in Vietnam and Singapore.
There was also higher construction revenue, which was mainly contributed by the Ampang LRT line extension project.
Manufacturing and trading, together with the construction division, make up 30.5% and 64.2% of the company's revenue, respectively, for the cumulative three quarters.
The group's chairman Tan Sri Tan Kay Hock said the company will continue to enhance its specialised engineering capabilities in order to maintain its edge.
"We are pleased with the group's financial performance despite a challenging and increasingly competitively market. Our team is dedicated to find ways to drive efficiency in all operating segments.
"We will continue to enhance our specialised engineering capabilities in order to maintain our edge and seize the many opportunities available in the construction and engineering sector. I am confident that the expertise we have will enable us to win lucrative contracts and drive earnings," he added.