Bintai Kinden returns to the black in 1Q

KUALA LUMPUR: Bintai Kinden Corp Bhd posted a net profit of RM1.5mil in the first quarter ended June 30 (1Q22) against a net loss of RM1.3mil posted in the same quarter a year ago.

The turnaround was due to the gain on disposal of subsidiary for RM3.3mil following the group’s asset rationalisation exercise.

Revenue, however, fell 11.7% to RM12.3mil from RM13.7mil in the previous year as the impact of Covid-19 pandemic which was first felt in the aforesaid first quarter continued to weigh on its operational performance.

In Q1, Bintai’s gross profit margin increased to 30.1% from 25.5% previously, driven by variation order from completed projects in the mechanical and electrical engineering segment.

In a statement, executive director Azri Azerai said returning to profitability

had been the company’s top priority when its mechanical and electrical engineering (M&E) business was hit by Covid-19 pandemic and the extended Movement Control Order (MCO) which led Bintai Kinden to venture into the healthcare business.

“The pandemic has forced us to rethink our business strategy. Although M&E business is still our bread and butter, we need to branch out and expand our core business to diversify our revenue streams,” he said.

On its prospects, Azri said despite the challenges, Bintai Kinden would continue to focus on its core business in M&E and healthcare segments and endeavour to secure more opportunities and recurring projects in Malaysia which are able to contribute positively to the future earnings of the group.

“The challenges had made the company stronger. With the turnaround in 1QFY22, we are ready to be back on a growth trajectory and are optimistic of this financial year’s prospects,” he added.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 0
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Bintai Kinden ,


Next In Business News

ECB raises rates again and pencils in at least one more hike
Fed up, BoE up, stocks up, ECB up next
ALR seeks extension on warranty claim period from highway concessionaires
Ringgit ends higher vs greenback amid low fed rate hike
Lambo triggers new admission into GN3
BLand names Chester Voo as CEO, group aviation
Grab appoints Adelene Foo as MD for Malaysia
IHH Healthcare acquires Turkey-based Kent Health Group
Xiaomi demands payout from supplier after car designs leaked
Engtex to venture into clean energy solution

Others Also Read