Wednesday, June 23, 2010

Ingress posts RM10.5m 1Q net profit

KUALA LUMPUR: Ingress Corp Bhd's net profit for the first quarter ended April 30, 2010 (1QFY11) jumped to RM10.47 million from RM587,000 a year earlier with the automotive division and power engineering and projects division (PEP) registering stronger earnings.

Revenue rose 19% to RM180.41 million from RM151.67 million previously, with basic earnings per share at 13.6 sen versus 0.8 sen. Similarly, Ingress' pre-tax profit for 1QFY11 climbed to RM15.27 million from RM1.52 million a year earlier.

Ingress said on Tuesday, June 22 its automotive division recorded a revenue of RM161.7 million and a pre-tax profit of RM11 million as against the previous corresponding quarter's RM126.3 million and RM2.4 million, respectively.

As for the PEP division in 1QFY11, Ingress said it posted a revenue of RM18.7 million and a pre-tax profit of RM7.6 million compared with RM25.4 million and RM600,000, respectively, in 1QFY10.

Together with its associate companies, the group said overall PEP division recorded a pre-tax profit of RM5.9 million versus RM500,000 previously. No dividend was proposed or became payable for the reporting quarter. Prior to the announcement, the stock shed three sen to close at 57 sen with 44,700 units transacted.

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