PLUS Expressway’s earning up 28.7% to RM383.49m

KUALA LUMPUR: PLUS Expressway Bhd’s earnings rose 28.7% to RM383.49 million in the second quarter ended June 30, 2011 from RM297.86 million a year ago, boosted by an increase in toll collection by RM41.10 million.

It said on Friday, Aug 19 that revenue rose 3.5%to RM858.91 million from RM829.28 million while earnings per share were 7.67sen compared with 5.96 sen. It declared an interim dividend of 15 sen.

PLUS said the toll collection in the second quarter increased by RM41.1 million or 6.4% from a year ago.

“Total revenue for the current quarter of RM858.9 million was RM29.6 million higher than the preceding year corresponding quarter of RM829.3million. The favourable variance was mainly due to higher toll collection, mitigated by lower toll compensation of RM15.3 million (net of fair value adjustment) due to the reversal of cash compensation accrual,” it said.

For the first half, its earnings increased by 51.4% to RM878.61 million from RM580.31 million while revenue showed an 18.2% increase to RM1.906 billion from RM1.612 billion.

For the period ended June 30, the group generated cash from operating activities of RM928.1 million, with cash and cash equivalents balance of RM3.598 billion.