PETALING JAYA: Taliworks Corp Bhd registered a 9.2% year-on-year increase in net profit to RM11.7mil for the second quarter ended June 30,2020, despite a 14.6% lower revenue of RM76.1mil as compared to the same quarter last year.
The improved net profit during the second quarter was attributed to higher returns from investments designated at a fair value of RM8mil, lower amortisation of intangible assets as well as lower share of losses from associate SWM Environment Holdings Sdn Bhd.
Net profit for the first half of the financial year was RM27.6mil, a 23.4% increase as compared to RM22.4mil recorded in the corresponding period last year.
Taliworks is an infrastructure company involved in water treatment, supply and distribution, highway and toll management, waste management as well as construction and engineering.
Executive director Datuk Ronnie Lim said the various phases of the movement control order imposed by the government since March 18,2020 in response to the Covid-19 pandemic, led to lower traffic volume for the group’s toll division, lower demand for water supply for its Langkawi operations given the reduction in tourism activities in Langkawi, as well as delays in construction projects.
“Nonetheless, with the completion of the securitisation exercise last year, Taliworks is in a strong financial position to weather through these challenging environment. We are hopeful that our business operations will continue to recover.
“In addition, we will continue to explore new value-accretive opportunities to create new income streams to boost our profitability and support our commitment to deliver sustainable returns to our shareholders, ” he said in a press release.