KUALA LUMPUR: Marine construction firm Benalec Holdings Bhd’s net profit for 1QFY12 ended Sept 30 fell 3.44% to RM28.92 million from RM29.95 million a year ago.
In a filing with Bursa Malaysia yesterday, it said pre-tax profit decreased 9.51% to RM35.04 million from RM38.72 million.
This was on the back of 42.85% revenue growth to RM74.58 million from RM52.2 million.
Earnings per share was four sen while net assets per share was 52 sen as at Sept 30.
Quarter-on-quarter (q-o-q), Benalec’s net profit grew 26.8% to RM28.92 million from RM22.81 million.
In the notes to its financial results, Benalec attributed the improved q-o-q results to the recognition of higher profit from its marine construction division’s ongoing works and its vessel chartering division.
Pre-tax profit grew 13.6% to RM35.04 million from RM30.84 million, while revenue rose 13.07% to RM74.58 million from RM65.96 million a quarter earlier.
Benalec said its prospects for growth are bright due to the future projects that could come onstream including those in Penang, Malacca, Iskandar Malaysia, Port Klang and the Sarawak Corridor of Renewable Energy.
Benalec made the news when it secured the rights to reclaim two tracts of seafront land on the coasts of Tanjung Piai (3,485 acres) and Pengerang (1,760 acres) in Johor, measuring a total of 5,245 acres.
The land reclamation is for the proposed development of a petroleum and petrochemical hub and maritime industrial park.
In an earlier announcement, Benalec said it expects the Johor projects to contribute positively to its earnings and net assets from FY13.
Benalec expects the project to provide it a sustainable order book for the next 10 to 15 years.
Apart from domestic work, the company said it is also eyeing future projects in the Asia-Pacific region estimated at over RM170 billion.
Benalec shares yesterday gained two sen to RM1.36 with 3.52 million shares traded.
This article appeared in The Edge Financial Daily, November 30, 2011.
In a filing with Bursa Malaysia yesterday, it said pre-tax profit decreased 9.51% to RM35.04 million from RM38.72 million.
This was on the back of 42.85% revenue growth to RM74.58 million from RM52.2 million.
Earnings per share was four sen while net assets per share was 52 sen as at Sept 30.
Quarter-on-quarter (q-o-q), Benalec’s net profit grew 26.8% to RM28.92 million from RM22.81 million.
In the notes to its financial results, Benalec attributed the improved q-o-q results to the recognition of higher profit from its marine construction division’s ongoing works and its vessel chartering division.
Pre-tax profit grew 13.6% to RM35.04 million from RM30.84 million, while revenue rose 13.07% to RM74.58 million from RM65.96 million a quarter earlier.
Benalec said its prospects for growth are bright due to the future projects that could come onstream including those in Penang, Malacca, Iskandar Malaysia, Port Klang and the Sarawak Corridor of Renewable Energy.
Benalec made the news when it secured the rights to reclaim two tracts of seafront land on the coasts of Tanjung Piai (3,485 acres) and Pengerang (1,760 acres) in Johor, measuring a total of 5,245 acres.
The land reclamation is for the proposed development of a petroleum and petrochemical hub and maritime industrial park.
In an earlier announcement, Benalec said it expects the Johor projects to contribute positively to its earnings and net assets from FY13.
Benalec expects the project to provide it a sustainable order book for the next 10 to 15 years.
Apart from domestic work, the company said it is also eyeing future projects in the Asia-Pacific region estimated at over RM170 billion.
Benalec shares yesterday gained two sen to RM1.36 with 3.52 million shares traded.
This article appeared in The Edge Financial Daily, November 30, 2011.
