PBA 3Q net profit jumps nearly 83% to RM11.3m

The Mengkuang Dam from which Penang state draws its water supply from.

KUALA LUMPUR: Penang water supply operator PBA Holdings Bhd saw its net profit jump by 82.8% to RM11.30mil in the third quarter ended Sept 30,2020 from RM6.18mil a year ago, boosted by an increase in domestic water revenue.

In its announcement to Bursa Malaysia on Tuesday, it said its revenue increased by 8.3% to RM83.76mil from RM77.35mil a year ago. Earnings per share were 3.42 sen compared with 1.87 sen.

It declared an interim dividend of 1.25 sen a share amounting to RM4.13mil for the financial year ending Dec 31.

For the nine months, its net profit fell by 36% to RM23.84mil from RM37.34mil in the previous corresponding period while its revenue slipped to RM250.98mil from RM258.78mil.

On the current year prospects, PBA said that as its water billing for April and May 2020 was based on estimates, this caused some revision to revenue. The estimates were historical in nature and some companies were not operating due to the Movement Control Order (MCO)/ Conditional MCO/ Recovery MCO.

The Covid-19 pandemic will also impact business levels and consumption patterns adversely.

“Domestic consumption, which is highly subsidised is expected to increase, while trade consumption which cross subsidises domestic consumers, will decline, ” it said.

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