MTD ACPI narrows FY16 net losses

KUALA LUMPUR: MTD ACPI Engineering Bhd narrowed the losses in the financial year ended March 31, 2016 to RM3.68mil from RM32.09mil a year ago and it expects the operating environment to be challenging.

The company which is involved in construction and property said on Tuesday its revenue shrank 31.3% to RM67.90mil from RM98.85mil a year ago

For the fourth quarter ended March 31, 2016, it managed to record a pre-tax profit of RM3.50mil compared with pre-tax loss of RM29.60mil a year ago. 

It was in the black with earnings of RM1.40mil compared with net losses of RM32.7mil a year ago.Earnings per share were 0.64 sen compared with loss per share of 14.18 sen.

Its revenue was however lower by 31.3% at RM67.90mil compared with RM98.95mil a year ago mainly due to lower turnover by its construction division. Its manufacturing division managed to reduce its operation costs.

“Going forward, the group expects the operating environment to be challenging with the balance of its order book of RM322.2mil that need to be replenished. 

“The management would continue to seek for infrastructure projects both in Malaysia and abroad to replenish its order book, leveraging on the strength of its parent company, MTD Capital Bhd., which has presence across Asia and Middle East,” it said.