KUALA LUMPUR: Protasco Bhd
posted a net loss of RM5.48mil for its fourth quarter ended Dec 31, 2014 against a net profit of RM15.4mil a year earlier.
In a filing to Bursa Malaysia on Friday, the group said revenue for the period declined 3.27% to RM375.28mil from RM387.99mil a year ago.
Loss per share stood at 1.64 sen against earnings per share of 4.93 sen the same period a year ago.
For its full year, the group posted a net loss of RM47.86mil from a net profit of RM48.17mil a year ago while revenue increased 7.53% to RM1.042bil against RM969.7mil.
During the quarter the group said revenue declined due to the completion of several construction projects.
"As compared to the same period in the previous year, the group’s profit from operation increased by 3.4%. However, the pre-tax loss declined by 52.7% due to the impairment losses
incurred on coal trade deposit and advance in trading segment," it said.
The group noted that its ,maintenance segment recorded an increase in revenue for its full year by 2.9% due to additional work orders received.
However, the PBT was lower by 13.8% due to more periodic works awarded, which yield a lower profit margin.
"Construction revenue decreased by 10.3% from RM155.4mil to RM139.5mil due to the completion of several construction projects.
"PBT was contributed by road projects in Johor, Kedah and Sarawak, and Perumahan Penjawat Awam 1Malaysia project. It increased by more than 100% due to additional costs incurred in 2013 for projects completed in 2012.
"The group’s mix development projects, De Centrum Phase 1 and Phase 2A, have contributed to the improved revenue and PBT of the property development segment," it said.
Moving forward, the group expects its the three main segments, maintenance, construction and property development, will continue to be the group’s main contributor to its revenue and profits in
2015.
"The group will also continue to explore other business opportunities, both locally and internationally, to further enhance the shareholders’ value. Barring unforeseen circumstances, the board of directors is cautiously optimistic that the group will continue to improve its overall performance in 2015," it said.
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