Thursday, 10 May 2012

Cuscapi 1Q net profit plunges to RM567,000

KUALA LUMPUR (May10): CUSCAPI BHD []’s net profit plunged 70.92% to RM567,000 for its first quarter ended Mar 31, from RM1.95 million a year ago, dragged down by delays in uncompleted projects.

In a statement on Bursa Malaysia on Thursday, the group said its revenue fell 21.34% to RM12.13 million from RM15.42 million a year earlier.

Earnings per share were 0.23 sen compared to 0.88 sen.

Reviewing its results, Cuscapi attributed the fall in its revenue to an order of over RM4 million for an upgrade project in the same quarter last year.

“However, delays in certain projects compounded the lower revenue during the quarter under review,” it said.

On its prospects, Cuscapi said that with international revenue showing continued growth, making up 38% of the Group’s revenue during the quarter under review, it remained optimistic of its financial performance for the current financial year.

“We expect this trend on the back of the Group’s enlarged geographical presence,” it said.

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