JAKS Resources 1Q net profit up 7% to RM21.14m

TheEdge Tue, May 31, 2022 01:16pm - 1 year View Original


KUALA LUMPUR (May 31): JAKS Resources Bhd's net profit for the first quarter ended March 31, 2022 rose 7% to RM21.14 million from RM19.75 million a year ago, driven by the higher share of profit from its 30% stake in the JAKS Hai Duong coal-fired thermal power plant.

In a bourse filing on Tuesday (May 31), JAKS said revenue for the quarter rose slightly by 2.3% to RM17.86 million from RM17.45 million a year prior.

Earnings per share slipped to 1.03 sen from 1.13 sen previously.

In a separate statement, JAKS chief executive officer Andy Ang Lam Poah said through the strategic decision of diversifying into the power and energy division, the company was generating consistent and recurring concession earnings that are immune to global uncertainties.

He said JAKS is guaranteed with fixed capacity payments by the Vietnamese government under the power purchase agreement.

“That being said, we have a large and challenging task ahead to manage with diligence in order to maintain our growth prospect direction.

“This involves exercising prudent financial management in light of the rising operational and material costs across the market,” he said.

At midday break, JAKS rose 1.82% or 0.5 sen to 28 sen with 1.43 million shares traded.

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