PETALING JAYA: Perak Transit Bhd is on track to start the operation of its new 12-storey integrated public transportation terminal in Kampar, Perak, said managing director Datuk Seri Cheong Kong Fitt (pic).
He said the terminal is expected to be completed in this quarter with gross leasable area of around 400,000 sq ft.
“This is eight times bigger than Terminal AmanJaya’s gross leasable area,” he said.
At the moment, Terminal AmanJaya is the main revenue contributor to the group, having more than 40% contribution.
While the remaining came from petrol station and bus operations, which contributed about 32% and 25%, respectively.
Cheong said the group is currently in the midst of finalising the tenants at the Kampar terminal, which he expected to be in full operation in the first quarter of 2019.
“We are very optimistic for another year of profitable growth, mainly driven by the upcoming Integrated Public Transportation Terminal in Kampar as well as the revision of rental of advertising and promotion (A&P) in Terminal AmanJaya as we are transforming the physical A&P into a digital platform,” he said.
He said Kampar has huge growth potential because it has become a university town, after Universiti Tunku Abdul Rahman established its main campus there.
“Being a university town, student traffic will be high and we believe a terminal that combines both lifestyle and transportation activities will serve the market well,” he said.
For the second quarter ended June 30, Perak Transit posted a 34% jump in net profit to RM10.31mil compared with RM7.7mil previously. Revenue for the quarter rose 10.7% to RM31.25mil from RM28.22mil previously.
It was reported that Perak Transit had increased its rental of A&P spaces in Terminal AmanJaya by about 15% beginning early of this year.
Notably, Perak Transit is also in the midst of applying to transfer its Ace Market listing status to the Main Market.
The company submitted its application for the transfer to the Securities Commission in end-May.
“We are optimistic that once the company is transferred to the Main Market, it will accord greater recognition and acceptance among investors, including institutional funds.
“This will be another significant milestone for Perak Transit,” Cheong said.
On Budget 2019, Cheong said there would be positive spillover effect on the company’s plan to construct new terminals from the Public Transport Loan Fund.
On Friday, the government announced a RM500mil Public Transport Loan Fund with 2% interest subsidy via Bank Pembangunan Malaysia available to taxi and bus companies as well as other public transport operators.
Perak Transit had earlier announced its plan to build similar integrated public transportation terminals in Bidor and Tronoh, Perak.