KUALA LUMPUR (March 29): CypARK RESOURCES BHD [] posted net profit of RM6.51 million in the first quarter ended Jan 31, 2012, a marginal 0.6% lower than RM6.55 million a year ago but it remained upbeat for its core business of solid waste management and renewable energy.
It announced on Thursday its revenue was flat at RM42.26 million compared with RM42.33 million a year ago. Earnings per share were 4.49 sen compared with 4.52 sen.
It also declared a first and final tax exempt single tier dividend of 3.75 sen per ordinary share which would go ex on May 14.
Cypark said revenue from environmental engineering fell 24% to RM31.3 million from RM41.2 million a year ago mainly due to the 16 national landfill closure projects undertaken by the group were in the final stage of completion.
It added the newly secured landfill closure and upgrading projects were in the initial stage of CONSTRUCTION [] during which the contributions are low.
The company said revenue for the landscaping division improved 849% to to RM10.6 million from RM1.1 million a year ago mainly due to a project secured recently from Putrajaya Holdings Sdn Bhd for the proposed construction and completion of roadworks, bridge, drainage, utilities and landscaping at Putrajaya.
However, Cypark was upbeat on the outlook for the solid waste management, as it expected market growth to be underpinned by the increase in waste output from Malaysian households and also the rising awareness for environmental care and protection.
“By 2020, daily solid waste output is expected to increaseto30,000 tonnes compared to a current level of approximately 20,550 tonnes,” it said.
Cypark also said there was a great potential for the renewable energy sector. The group's first renewable energy park project in Pajam involved the integration of three potential resources available at the landfill, that is solar, landfill gas (biogas) and waste (biomass) into a scalable renewable energy project capable of generating up to 10 megawatts of electricity.
“In addition, the newly secured approval from the government of Malaysia to develop a new sanitary landfill project through public private partnership scheme, of which the agreement is being finalised, is expected to boost the earning of the group and enhance the financial position of the group in the long term,” it explained.
It announced on Thursday its revenue was flat at RM42.26 million compared with RM42.33 million a year ago. Earnings per share were 4.49 sen compared with 4.52 sen.
It also declared a first and final tax exempt single tier dividend of 3.75 sen per ordinary share which would go ex on May 14.
Cypark said revenue from environmental engineering fell 24% to RM31.3 million from RM41.2 million a year ago mainly due to the 16 national landfill closure projects undertaken by the group were in the final stage of completion.
It added the newly secured landfill closure and upgrading projects were in the initial stage of CONSTRUCTION [] during which the contributions are low.
The company said revenue for the landscaping division improved 849% to to RM10.6 million from RM1.1 million a year ago mainly due to a project secured recently from Putrajaya Holdings Sdn Bhd for the proposed construction and completion of roadworks, bridge, drainage, utilities and landscaping at Putrajaya.
However, Cypark was upbeat on the outlook for the solid waste management, as it expected market growth to be underpinned by the increase in waste output from Malaysian households and also the rising awareness for environmental care and protection.
“By 2020, daily solid waste output is expected to increaseto30,000 tonnes compared to a current level of approximately 20,550 tonnes,” it said.
Cypark also said there was a great potential for the renewable energy sector. The group's first renewable energy park project in Pajam involved the integration of three potential resources available at the landfill, that is solar, landfill gas (biogas) and waste (biomass) into a scalable renewable energy project capable of generating up to 10 megawatts of electricity.
“In addition, the newly secured approval from the government of Malaysia to develop a new sanitary landfill project through public private partnership scheme, of which the agreement is being finalised, is expected to boost the earning of the group and enhance the financial position of the group in the long term,” it explained.
