In a filing with Bursa Malaysia, Country View said that the acquisition
KUALA LUMPUR: George Kent (Malaysia) Bhd registered a Q2 net profit of RM24.58mil, 3.1% less than in the same quarter last year as revenue came in 39.8% lower at RM112.93mil.
In a statement, the company said results for the quarter are "credible" inspite of the progress of work being affected by the restructuring of the LRT3 project.
"Negotiations are ongoing to redesign the project, and construction is anticipated to resume in the second half of 2019."
For the first six months of FYE 2019, George Kent posted a net profit of RM46.12mil versus RM43.87mil in the previous corresponding period. This was on the back of RM212.7mil in revenue as compared to RM316.99mil in the comparative period.
“Going forward, the Group will continue to implement its Strategic Plan to broaden its income base. This will include investment of resources, both human and financial, into growing its Metering and other water-related businesses and investments.
"The Group is also on the lookout for Regional railway opportunities, whilst continuing to deliver on our existing order book," said chairman Tan Sri Tan Kay Hock.
The group's order book currently stand at just over RM5bil and will provide earnings visibility over the next few years.
The board of directors has declared an interim single-tier dividend of two sen per share.
At 2.38pm, George Kent was down two sen or 1.4% to RM1.38 on the back of 2.76 million shares done.
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