KUALA LUMPUR (Feb 28): Lingkaran Trans Kota Holdings Bhd’s (LITRAK) net profit soared to RM1.37 billion from RM64.82 million recorded in the third quarter (3Q) of the financial year ending March 31, 2023.

In a Bursa Malaysia filing on Tuesday, the highway concessionaire company said revenue for the quarter under review went up to RM126.22 million from RM120.57 million.

This was due to the dividend income from SPRINT Holdings, offset by the decrease in toll revenue arising from the disposal of LITRAK to Amanat Lebuhraya Rakyat Bhd on October 13, 2022.

LITRAK also said that upon the completion of the disposals, the company ceased to have core businesses other than being an investment holding company.

Accordingly, it has been classified as a cash company, as defined pursuant to Bursa Malaysia’s Main Market Listing Requirements.

“In such circumstances, the company has a period of 12 months from the date it receives the notice from Bursa Malaysia to regularise its condition.

“As it is not the intention of the company to maintain its listing status, the company does not intend to undertake any proposal to regularise its condition. As such, the company plans to return the disposal proceeds to the shareholders,” it said.