eBworx Q3 net profit triples to RM3m

KUALA LUMPUR: Financial solutions specialist eBworx Bhd has tripled its net profit to RM3 million for the third quarter of 2011, up from RM1 million a year ago.

This translated to earnings per share of 1.45 sen for the period under review, eBworx said in a statement.

The generated revenue for the period amounted to RM13.2 million, which was mainly derived from ongoing projects and new projects secured during the quarter.

The current year to date net profit stood at RM3.8 million on a revenue of RM37.1 million.

Last year, the company registered RM24.6 million revenue with a net profit of RM3.8 million.

"Our revenue momentum is strong, having grown steadily every quarter this year. Our group's order book has grown by almost three times since December 31 2010 and we are expecting to increase our order book further by end-2012," eBworx chief executive officer Tan Suan Fong said in the statement.

Tan noted that the company had cash reserves of close to RM30 million, on top of generating a positive operating cash flow of RM5 million during the quarter under review.

"Our growth prospects are sound due to our strategy to grow with tier-one bank across the region. With our proven track record of implementing projects across the region, we are well positioned to assist our clients to roll out the software regionally," he added.

eBworx plans to expand its current overseas markets, given that it has an increasing number of potential projects from financial institutions across the region.

Overseas business contributed 44 per cent of the company's total revenue for the first nine months.