POWERTEK Bhd posted a 38% growth in net profit to RM231.8mil for the year ended Jan 31, 2003 from RM168.2mil in 2002, on the back of higher revenues following the commissioning of a new power plant during the financial year.
In an announcement to the KLSE yesterday, the Tanjong plc-owned independent power producer said the 460MW open cycle gas turbine (OCGT) power plant operated by group subsidiary Panglima Power Sdn Bhd, which began operations in the first quarter, contributed significantly to the increase in revenue to RM932.8mil, up 58.5% from RM588.7mil previously.
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