Revenue was higher at RM90.87 mil from RM88.44 mil previously.
In a filing with Bursa Malaysia, Cypark said the environmental engineering division posted a 5.6% growth in revenue to RM69.6 mil, mainly due to continuous progress of works for projects secured under the division.
Meanwhile, revenue from its green tech and renewable energy (RE) division for the current quarter remained flat at RM11 mil compared to that of Q1 2019.
However, both the landscaping and infrastructure and the operation and maintenance divisions saw revenue dropped to RM9.2 mil and RM1 mil, respectively.
Going forward, Cypark is confident that it would benefit directly from the 1,400mw solar power jobs under the RM20 bil stimulus package to lessen the impact of Covid-19.
“The key success factors for Cypark can be attributed to three underlying factors, namely more attractive government policies on RE, continued development of more affordable and efficient green technology globally, and dynamic market mechanism.
“For the financial year 2020, Cypark will strengthen further its capability in taking advantage of the above success factors to ensure that it would continue its uninterrupted revenue and profitability growth experienced since 2012,” it said.
Globally and locally, demand for RE is expected to grow stronger year on year and contribute up to 30% of all energy generation by 2040. – March 19, 2020, Bernama
