KUALA LUMPUR (May 27): Ahmad Zaki Resources Bhd’s (AZRB) net loss for the third quarter ended March 31, 2022 (3QFY22) was reeled back to RM16.33 million from RM26.77 million a year ago, as its plantation division incurred lower pre-tax loss.

Losses per share recovered to 2.73 sen from 4.48 sen, according to the engineering and construction group’s bourse filing on Friday (May 27).

Quarterly revenue slumped 16.61% to RM181.27 million from RM217.37 million, as the revenue contribution from its buttress division of engineering and construction retreated, which more than offset stronger contribution from its oil and gas (O&G) division.

The plantation division recorded a pre-tax loss of RM12 million from RM22 million last year, with revenue up 55% to RM56 million, from RM36 million on the back of higher realised prices, although performance was affected by mill maintenance overheads.  

The engineering and construction division posted a pre-tax loss of RM3 million in the quarter under review from RM1 million on higher revenue and additional costs from completed projects. Revenue in the segment slipped 38% to RM98 million from RM159 million as a number of projects neared completion.

The O&G division’s pre-tax loss widened to RM3 million compared with RM2 million in the corresponding quarter last year on higher overheads especially for dredging maintenance, in spite of revenue increase of 36% to RM12 million from a year ago.

AZRB noted that its property division had no ongoing sales in the quarter under review as there were no projects.

Outstanding orderbook amounted to RM968 million as at March 31, 2022, it said.

“In addition to new projects being rolled out by the government, the group continues to tender for projects in the private sector which in turn keeps its clientele base sufficiently diversified,” it added.

AZRB shares ended half a sen or 2.5% higher at 20.5 sen, giving the group a market capitalisation of RM119.51 million.