KUALA LUMPUR (March 29): Trive Property Group Bhd returned to the black in the fourth quarter ended Jan 31, 2017 (4QFY17) with a net profit of RM3.28 million, as against a net loss of RM18.52 million a year ago.

Revenue was 16% lower at RM1.27 million from RM1.51 million in 4QFY16, said the green energy storage solutions provider in a filing with Bursa Malaysia.

The group said the drop in revenue was mainly due to lower contribution from its solar division.

For the full year (FY17), Trive property made a net profit of RM2.14 million compared with a net loss of RM26.16 million in FY16. Revenue however was 91% lower at RM3.17 million from RM35.37 million.

On its prospects, the group said it expects its financial position to significantly improve given the completion of debt restructuring, private placement and ESOS shares issued as well as a full settlement of bank borrowings.

“Barring any unforeseen circumstances, with the diversification into the construction and property development industry and the collaboration with Hubei Guang Bo New Energy Co Ltd, the group is confident of achieving better performance,” it said.

Trive Property’s share price closed unchanged at 20.5 sen, giving a market capitalisation RM280.68 million.