MCO weighs on Kerjaya Prospek 2Q financial results


  • Corporate News
  • Thursday, 27 Aug 2020

“Nevertheless, the group is supported by an outstanding order book of RM3.52bil as at June 30, 2020 which included the building construction contracts worth RM990.40mil secured during the current financial period ended June 30,” it said.

KUALA LUMPUR: Kerjaya Prospek Group Bhd posted a weaker set of results in the second quarter ended June 30, 2020 as its revenue and earnings were impacted by the halt in its operations due to the Movement Control Order (MCO).

It said on Thursday, its net profit fell by 71.9% to RM10.06mil from RM35.78mil a year ago. Its revenue fell by 50.6% to RM128.10mil from RM259.35mil. Earnings per share were 0.82 sen compared with 2.90 sen.

“Overall, the decrease in revenue and hence, the bottom line was mainly attributed to the halt of the group's operations due to MCO as well as the resumption of operations in stages between May and June 2020 after compliance with the required standard operating procedures (SOPs) were implemented. The affected segments are construction and manufacturing.

“On property development segment, the Vista Residence project at Genting Permai was completed in year 2019 and there is no project under development for financial quarter under review. Therefore, the property development segment has minimum contribution to the group's results,” it said.

In the first half. Its net profit fell by 54.3% to RM32.39mil from RM54.3mil in the previous corresponding period. Its revenue declined by 35.1% to RM339.93mil from RM523.53mil.

On the outlook, Kerjaya Prospek said with various adversities and challenging landscape, the group’s operations and financial performance are adversely impacted for the financial year ending Dec 31, 2020 as compared to financial year ended Dec 31, 2019.

“The group will continue to monitor and implement appropriate measures in a timely manner to address the adverse risk Covid-19 may have on the Group’s operations and financial performance.

“Nevertheless, the group is supported by an outstanding order book of RM3.52bil as at June 30, 2020 which included the building construction contracts worth RM990.40mil secured during the current financial period ended June 30,” it said.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3

Kerjaya Prospek , MCO , property deveopment

   

Did you find this article insightful?

Yes
No

100% readers found this article insightful

Across the site