PETALING JAYA: Infrastructure company Taliworks Corp Bhd
posted a net profit of RM6mil for the second quarter ended June 30.
When compared to the previous corresponding quarter, the company’s net profit was down by 92% from RM76.19mil, due to a disposal gain amounting to RM64.53mil last year.
However, Taliworks’ revenue for the quarter rose 19% to RM91.28mil, mainly due to higher contribution from its construction business.
According to a Bursa Malaysia filing, the company also faced higher amortisation expenses arising from the change in the method of amortisation of the highway development expenditure in the fourth quarter last year, higher operating costs in both water treatment plants as well as a realised loss on foreign exchange arising from the conversion of US dollar proceeds to the local currency.
There was also a net provision for the discounting of receivables of RM10.9mil, which was due to the delay in the implementation of the last stage of the Selangor water consolidation exercise.
“Looking ahead to the second half of the year, we are positive that we would be able to maintain our earnings momentum.
“Going forward, Taliworks will continue to tender for more infrastructure projects to boost the construction sector’s order book.
“Concurrently, we are seeking opportunities to pursue new infrastructure sectors such as power, and will continue to focus on mature operational brownfield cash-generating investments,” executive director Datuk Ronnie Lim said in a statement yesterday.
The board of directors has declared a second interim single-tier dividend of two sen per share on 1.21 billion ordinary shares, amounting to about RM24.2mil to be paid on Sept 22.
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