Silver Ridge 2Q net profit surges to RM1.78m on new jobs

KUALA LUMPUR: SILVER RIDGE HOLDINGS BHD [] net profit for the second quarter ended June 30, 2011 surged to RM1.78 million from RM28,000 a year earlier, due mainly to the commencement of new projects which went into full swing since the quarter ended Sept 30, 2010.

The company said on Monday, Aug 29 that revenue for the quarter dipped slightly to RM8.48 million.

Earnings per share was 1.78 sen while net assets per share was 19 sen.

For the six months ended June 30, Silver Ridge posted net profit RM3.68 million compared to net profit RM47,000 in 2010, on the back of a 45.7% increase in revenue to RM21.21 million from RM 14.56 million in 2010.

Reviewing its performance, Silver Ridge said the main telecommunication projects that it was undertaking in the current quarter were Multi Service Access Network, Digital Subscriber Line System, and Small Capacity Multiplexer and High-Speed Broadband projects which were awarded by TELEKOM MALAYSIA BHD [].

On its outlook, Silver Ridge said it foresees that the prospects of the telecommunication infrastructure industry would focus mainly on cellular coverage, high speed broadband (HSBB) for this year as Malaysia continues with its aim to achieve 50% broadband penetration of households in 2011.

“In addition, the group is making inroads into the government and other business sectors, other than telco providers, with our telecommunication solutions,” it said.