SILK 1Q net loss widens to RM2.19 million despite higher revenue
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SILK 1Q net loss widens to RM2.19 million despite higher revenue
KUALA LUMPUR (Dec 16): SILK Holdings Bhd net loss for the first
quarter ended Oct 31, 2011 widened to RM2.19 million from net loss
RM1.15 million, despite a 11.1% increase in revenue year-on-year to
RM64.65 million from RM58.17 million.
The company said on Friday that loss per share for the quarter was
0.57 sen compared to loss per share of 0.30 sen, while net assets per
share was 47.61 sen.
In a statement Friday, SILK chairman Datuk Mohd Azlan Hashim said the
loss for the quarter was within expectation given the significantly
higher depreciation and amortisation charges and finance costs incurred
in line with the fleet expansion at its oil & gas (O&G) support
services division.
“That said, the board is encouraged by the improvements in revenue
and earnings before interest, tax, depreciation and amortisation
(EBITDA) and expect that these will eventually provide a positive boost
to the bottom-line,” he said.
Commenting on the company’s divisions, Mohd Azlan efforts by the
management of its highway infrastructure division had enabled it to
continue to record operational improvements.
“Given the relatively stable cost base of the division, the improved
revenue emanating from the operational improvements has allowed for the
after-tax loss for the quarter to be reduced considerably” he said.
On its O&G support services, Mohd Azlan said the division’s
increase in depreciation and finance costs were unavoidable given its
fleet renewal program and fairly conservative accounting policies in
respect to the depreciation of its vessels and dry-docking costs.
“That said, the costs remain manageable and within expectation,” he said.
“All in all, the board is pleased with the overall top-line performance of the group.
“However, it takes cognisance of the increase in depreciation and
finance costs and will monitor these closely going forward,” he said.
quarter ended Oct 31, 2011 widened to RM2.19 million from net loss
RM1.15 million, despite a 11.1% increase in revenue year-on-year to
RM64.65 million from RM58.17 million.
The company said on Friday that loss per share for the quarter was
0.57 sen compared to loss per share of 0.30 sen, while net assets per
share was 47.61 sen.
In a statement Friday, SILK chairman Datuk Mohd Azlan Hashim said the
loss for the quarter was within expectation given the significantly
higher depreciation and amortisation charges and finance costs incurred
in line with the fleet expansion at its oil & gas (O&G) support
services division.
“That said, the board is encouraged by the improvements in revenue
and earnings before interest, tax, depreciation and amortisation
(EBITDA) and expect that these will eventually provide a positive boost
to the bottom-line,” he said.
Commenting on the company’s divisions, Mohd Azlan efforts by the
management of its highway infrastructure division had enabled it to
continue to record operational improvements.
“Given the relatively stable cost base of the division, the improved
revenue emanating from the operational improvements has allowed for the
after-tax loss for the quarter to be reduced considerably” he said.
On its O&G support services, Mohd Azlan said the division’s
increase in depreciation and finance costs were unavoidable given its
fleet renewal program and fairly conservative accounting policies in
respect to the depreciation of its vessels and dry-docking costs.
“That said, the costs remain manageable and within expectation,” he said.
“All in all, the board is pleased with the overall top-line performance of the group.
“However, it takes cognisance of the increase in depreciation and
finance costs and will monitor these closely going forward,” he said.
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