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The Group recorded higher revenue in current year quarter by RM12.12 million (23.7%) as compared to immediate preceding quarter. The increase in revenue was mainly due to progress billing of RM9.1 million for the work done on submarine cable installation and repair project in Indonesia; and revenue from Genaxis Group Sdn. Bhd. and its subsidiary company .
The Group's recurring revenue stream from Information Technology segment has continued to contribute to the Group's profitability. The Group share of result in an associate company has improved in tandem with the improving crude oil price in current quarter.
The Group recorded higher revenue in current year quarter by 27.9% as compared to preceding year corresponding quarter. The increase in revenue was mainly due to progress billing for the work done on submarine cable installation and repair project in Indonesia, and new recurring incomes from post acquisition results from Genaxis Group.
The Energy division continues to experience significant competitive pressure in an environment of declining oil & gas activities.
The Group's trade facilitation remains strong, with expected annual growth of 4%, however the current quarter performance was affected by the lower year-to-year PBT margin of 18% (38% in 2017), mainly due to increasing manpower cost and expenses incurred for business development activities and one off goodwill impairment of RM3.6 million.
Included in the preceding year corresponding quarter was one-off revenue of RM8.5 million from the progressing billing on developing, installation and commissioning "Projek Sistem Kutipan Caj Jalan ("Road Charges-RC") & Kemasukan Kenderaan Asing ("Vehicle Entry Permit-VEP") collectively known as the "VEP&RC Contract" from the Ministry of Transport ("MOT").
For Energy, the share of result in an associate company has contributed significant to the Group bottom line; its performance was improved in tandem with the improving crude oil price in current quarter.
The Group will continue to build its business by exploring opportunities that leverage on building blocks of its existing IT & eServices and Energy businesses, while focusing on the implementation of planned new initiatives.
Barring any unforeseen circumstances, the Group expects to deliver positive results for the year 2018.