KUALA LUMPUR: George Kent (M) Bhd
posted a higher net profit of RM21.53 million in the first quarter ended April 30, 2018 (Q1 2018) from RM18.50 million in the same period last year.
Revenue, however, fell to RM99.76 million from RM129.42 million previously.
In a filing to Bursa Malaysia today, the engineering company attributed the higher net profit in Q1 2018 to construction projects which were executed well and on time.
It said the lower revenue was mainly pulled down by its engineering division, which recorded revenue in Q1 2018 of RM72.99 million, 23 per cent lower than the RM94.97 million for the corresponding quarter in 2017.
"Furthermore, revenue was not recognised for the Light Rail Transit Line 3 (LRT3) project, which is based on equity accounting for the 50 per cent interest in the project," it said.
Besides, the company said revenue generated from its metering division in the period under review was also lower from the same period a year ago.
"Revenue of RM26.78 million for the current quarter was 22 per cent lower compared with RM34.45 million for the corresponding quarter in 2017," it said.
Moving forward, George Kent said given that its balance sheet remained strong with a net cash position of RM343.52 million, along with an outstanding order book of RM5.38 billion, it would increase its resources substantially.
"These include manpower and financial resources, to further accelerate growth in metering and other water-related businesses, as well as concessions through mergers and acquisitions and strategic partnerships," it added. - Bernama