Minetech's LBT continues to narrow on higher revenue from civil engineering, manufacturing divisions

NST Thu, Nov 24, 2022 06:35pm - 1 year View Original


KUALA LUMPUR: Civil engineering specialist and bituminous products manufacturer Minetech Resources Bhd (MRB) recorded a loss before tax (LBT) of RM1.5 million for the second quarter (Q2)  ended 30 September 2022 (FY23) compared with LBT of RM4.7 million in Q2 FY22.

Revenue was 31.9 per cent higher at RM26.9 million compared with RM20.4 million in the same quarter last year.

On a segmental basis, the civil engineering division recorded a 8.1 per cent rise in revenue to RM16.1 million in Q2 FY23 compared with RM14.9 million in Q2 FY22.

The manufacturing division, which produces bituminous products for pipe coating, waterproofing and sealing, posted a 166.7 per cent increase in revenue to RM7.2 million compared with RM2.7 million in the same quarter of the previous financial year.

For the first-half (1H) of FY23, MRB registered a 36.9 per cent increase in revenue to RM50.9 million compared with RM37.2 million in 1H FY22.

The company recorded LBT of RM3.1 million in the 1H FY23 compared with RM9.1 million in 1H FY22.

Executive director Matt Chin said the company continue to see financial performance improve with narrower losses on higher revenue contribution from the civil engineering division's Selinsing Gold Mine due to increase in work volume as well as from the Cheras-Kajang Highway, Wangsa Brezza Hill and GM Emerald Square.

"We have seen a significant increase in revenue contribution from the manufacturing division mainly due to the rise in sales of coating enamel and blown asphalt products as a result of improved demand from both domestic and overseas markets.

"We continue to emphasise various cost-control measures and cash conservation and at the same time exploring opportunities that have seen us venturing into technology and innovation and penetrating into second-tier construction activities.

"These initiatives have helped us weather the storm and continue to create value for shareholders and other stakeholders," he said.

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