BUSINESS

PESTECH EXPECTS STRONG POWER INFRASTRUCTURE GROWTH IN MALAYSIA

31/01/2024 12:45 PM

KUALA LUMPUR, Jan 31 (Bernama) -- Pestech International Bhd expects to see strong growth of power infrastructure opportunities in Malaysia, where the skills and services of the group are ready and capable of being tapped upon. 

According to the company’s Annual Report 2023, Pestech noted that the power infrastructure market remains robust, especially in the Asean region. 

“Regionally, Cambodia’s government had also issued its Power Development Masterplan (2022 – 2040) (PDP) focusing on the overall power development in the kingdom, covering the consideration for future demand of power in the country, reliable and affordable power supply, strengthening of energy security, and increase the share of clean energy,” it said.

Pestech said that under the PDP, an estimated US$9.2 billion (US$1= RM4.72) of investment is required to expand Cambodia’s domestic generation capacity.

It said governments and authorities of the regional countries continue to commit much-needed capital expenditures to expand and improve power quality as well as the accessibility to all sectors within the communities they serve.

“We are positive on the overall prospects for the group operating under this geographical area filled with vast prospects. We are hopeful that our stakeholders are also able to appreciate the potential market growth for the group.

“We sought and are also thankful for the continuous support and trust provided to Pestech and commit towards growing the group into a brighter future ahead,” it said.

Pestech said it has been actively engaging in restructuring exercises, including sourcing for new equity injection into the company as well as focusing on procurement of new contracts. 

The group recorded a net loss of RM79.55 million in the financial year ended Sept 30, 2023.

Revenue for the current quarter ended Sept 30, 2023, stood at RM88.20 million due to lower revenue contribution from the rail segment due to the contract termination for the Kuala Lumpur International Airport (KLIA) aerotrain project.

The financial year end of the group has been changed from June 30 to Sept 30, and no comparative financial information is available for the preceding year’s corresponding period.

-- BERNAMA


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