Wednesday, August 24, 2011

Time Engineering in the black

KUALA LUMPUR: TIME ENGINEERING BHD [] posted net profit of RM2.53 million in the second quarter ended June 30, 2011 from a net loss of RM4.29 million a year ago due to a reversal of RM5.8 million, being the over-provision of the finance cost of the group's redeemable secured loan stocks (RSLS).

It said on Wednesday, Aug 24'' revenue fell 28.4% to RM17.49 million from RM24.44 million'' as it had completed the MAMPU project and supply of ICT Equipment for MIS Implementation in Vietnam.'' Earnings per share were 0.33 sen compared with loss per share of 0.55 sen.

In the first half ended June 30, it was in the red with losses of RM399,000 compared with net losses of RM3.42 million a year ago. Revenue fell 32% to RM33.88 million from RM49.87 million.

On the outlook, Time Engineering said the group will be in a better position to improve its business and services offerings as the integrated enterprise centre will be in operation by the end of the third quarter as well as the expected continuous expansion from the e-commerce portfolios.

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