Kumpulan Powernet posts third profitable quarter

TheEdge Fri, Feb 21, 2020 05:33pm - 4 years View Original


KUALA LUMPUR (Feb 21): Kumpulan Powernet Bhd posted a net profit of RM1.86 million in its second quarter ended Dec 31, 2019 (2QFY20), compared with a net loss of RM1.13 million the year before, lifted by its property development segment and its new construction business.

This marks the third consecutive profitable quarter for Powernet, in which Serba Dinamik Holdings Bhd founder Datuk Mohd Abdul Karim Abdullah became a controlling shareholder with a 53.4% stake last November. He is now the group's deputy chairman.

Kumpulan Powernet's quarterly earnings per share stood at 2.44 sen, from a loss per share of 1.48 sen in 2QFY20. Also supporting the better results were narrowed losses in its manufacturing business, Powernet’s filing showed.

Quarterly revenue jumped more than 16 times to RM13.64 million from RM847,000. The bulk or 82% of Powernet’s revenue in 2QFY20 came from its construction business, while property development contributed about 17%.

For the first six months ended Dec 31, 2019 (6MFY20), Powernet booked a net profit of RM2.81 million, in contrast with a net loss of RM1.44 million in the year-ago period. Half-year revenue rose over 10 times to RM24.8 million from RM2.31 million.

On prospects, the group is seeking opportunities under the energy, utilities, infrastructure and logistic segments.

Shares in Kumpulan Powernet closed nine sen or 3.1% at RM2.99, giving it a market capitalisation of RM226.17 million. The counter has gained over 500% in the past one year.

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