KUALA LUMPUR, Sept 4 -- Protasco Berhad continues to gather strength, posting a nine-time jump in its first half 2019 net profit to RM8.7 million, despite a slightly lower revenue for the six months ended June 30.
The group’s first half net profit surged 882 per cent to RM8.7 million from RM881,000. This improved performance came despite revenue dropping 11 per cent to RM354.9 million, due to lesser periodic works awarded to its maintenance segment.
For the second quarter, Protasco posted a RM4.6 million net profit, against a loss of RM407,000 in the same quarter last year.
This improved performance was the result of the group’s right-sizing exercise that commenced in September last year, according to a statement.
Aside from controlling cost and expenses, Protasco has seen a turnaround in its construction segment, which posted a pre-tax profit of RM11.6 million in the first half against a loss of RM1.5 million in the preceding year corresponding period.
The segment recorded a 54 per cent jump in first half revenue to RM145.9 million, mainly due to contributions from the Perumahan Penjawat Awam Phase 2 project and Drainage and Irrigation works awarded.
Its property development segment has also recorded higher revenue of RM3.4 million due to sales of units in its DeCentrum City development in Kajang.