Time Engineering Bhd saw its pre-tax profit for the year ended Dec 31, 2011, jump to RM95.90 million from the RM20.99 million posted in 2010 on disposal gains.
"The improved overall result in the current year was mainly attributable to the gain on disposal of investment and the reversal of RM5.8 million, being over-provision of the finance cost arising from the early full redemption of the Group's Redeemable Secured Loan Stocks," it said in a filing to Bursa today.
Revenue, however, slipped to RM65.34 million from RM87.693 million due to an unfavorable Information, Communication and Technology (ICT) market conditions as well as competitive pricing for awarded projects.
It also said that the lower revenue in the current year was affected by the completion of the Malaysian Administrative Modernisation and Management Planning Unit (MAMPU) project and supply of ICT Equipment for MIS Implementation in Vietnam.
On the outlook, it said the group is currently pursuing a number of significant projects both locally and overseas, by leveraging on its new flagship investment, Integrated Enterprise Centre (IEC) services.
"With the resources in hand, the group is also exploring and evaluating strategic investments to further enhance its current businesses and services," it added.
The group said it is confident of maintaining the revenue stream from the existing businesses. -- Bernama
"The improved overall result in the current year was mainly attributable to the gain on disposal of investment and the reversal of RM5.8 million, being over-provision of the finance cost arising from the early full redemption of the Group's Redeemable Secured Loan Stocks," it said in a filing to Bursa today.
Revenue, however, slipped to RM65.34 million from RM87.693 million due to an unfavorable Information, Communication and Technology (ICT) market conditions as well as competitive pricing for awarded projects.
It also said that the lower revenue in the current year was affected by the completion of the Malaysian Administrative Modernisation and Management Planning Unit (MAMPU) project and supply of ICT Equipment for MIS Implementation in Vietnam.
On the outlook, it said the group is currently pursuing a number of significant projects both locally and overseas, by leveraging on its new flagship investment, Integrated Enterprise Centre (IEC) services.
"With the resources in hand, the group is also exploring and evaluating strategic investments to further enhance its current businesses and services," it added.
The group said it is confident of maintaining the revenue stream from the existing businesses. -- Bernama
