Taliworks posts 9.2% rise in net profit

Executive director Datuk Ronnie Lim (pic) 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.

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.