PROTASCO Bhd has staged a turnaround in the financial year ended Dec 31, 2019 (FY19) with a net profit of RM5.99 mil against a net loss of RM48.11 mil in the preceding year.
Revenue, however, was lower at RM823.58 mil from RM904.86 mil previously, it said in a filing with Bursa Malaysia.
The company registered a net profit of RM1.04 mil in the fourth quarter compared with a net loss of RM44.21 mil in the same quarter of FY18, while revenue fell to RM242.21 mil from RM270.32 mil.
In a separate statement today, newly appointed group managing director Datuk Ir Kenny Chong Ther Nen said the favourable results for 4Q and the full year were due to the continuing positive impact of its right-sizing exercise, which included cost optimisation efforts that generated better margins.
The decline in revenue in 4Q was due to lower contributions received from the Civil Servants Housing Phase 2 project under its construction business segment, which is expected to be completed by the second quarter of this year.
It also expects the solar plant in Melaka, which is to be commissioned soon, to contribute positively to the group’s earnings.
Construction of the solar plant is targeted to be completed in the fourth quarter. – Feb 28, 2020, Bernama
