Litrak’s 2Q net profit eases to RM37.48 mil

TheEdge Fri, Nov 26, 2021 12:26am - 4 days View Original

KUALA LUMPUR (Nov 25): Lingkaran Trans Kota Holdings Bhd's (Litrak) net profit for the second quarter (2Q) ended Sept 30, 2021, eased to RM37.48 million from RM70.77 million recorded in the same period last year.

In a filing with Bursa Malaysia on Thursday (Nov 25), it said revenue also slipped to RM77.54 million from RM123.60 million previously.

“The group recorded lower tollable traffic volume in the current quarter as a result of the imposition of the Enhanced Movement Control Order (EMCO) from July 3, 2021 to July 16, 2021, due to record high numbers of daily Covid-19 infection cases,” said the highway concessionaire.

On the current year's prospects, the group said it has implemented and continues to follow through with the necessary steps to mitigate the risks arising from the pandemic, including prudent management of its cash flows from its operating, investing and financing activities.

The group will continue to monitor the development of Covid-19 and have implemented measures to mitigate the impact of the pandemic at the workplace, said the company.

This includes the establishment of a Covid-19 Steering Committee and Working Committee to continue leading and monitoring preventive measures related to Covid-19 and mandatory Covid-19 tests for all staff, particularly for all frontliners, on a bi-monthly basis, amongst others. 

Meanwhile, on the announcement of the one-off tax "Cukai Makmur" or Prosperity Tax by the government during Budget 2022, the implementation will have an impact on the group, due to the chargeable income of a wholly-owned subsidiary of the company, Lingkaran Trans Kota Sdn Bhd, which is expected to exceed RM100 million for the year of assessment 2022.

The first RM100 million chargeable income will still be taxed at the current rate of 24% and amounts in excess of RM100 million will be taxed at 33%. However, the tax has yet to be gazetted,” it added. 

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