Tuesday, September 27, 2011

SILK Holdings posts 4Q net loss of RM1.9m

KUALA LUMPUR: SILK Holdings Bhd reported a loss after tax and minority interest of RM1.9 million for the fourth quarter ended July 31, 2011 compared with net profit RM11.55 million a year ago.

It said on Tuesday, Sept 27 its revenue fell 9.4% to RM59.61 million ''from ''RM65.81 million a year. Loss per share was 0.5 sen versus earnings per share of 3.02 sen.

For the financial year ended July 31, 2011 it was in the red, with net loss of RM11.23 million which was a contrast of net profit of RM19.25 a year ago. Its revenue was 10.6% higher at RM247.72 million compared with RM223.94 million.

SILK said its earnings before interest, depreciation, tax and amortisation (EBITDA) for the financial year ended July 31 was RM129.39 million compared with RM124.33 million a year ago.

SILK chairman Datuk Mohd Azlan Hashim clarified the financial performance for FY11, pointing out that top-line performance improved.

He said the company had to change its accounting policies with respect to expenditure on heavy repairs to comply with FRS 137, which resulted in a provision for future expenditure being added to the accounts.

On the 4Q performance, its highway infrastructure division reduced its post tax losses to RM3.8 million versus RM4.6 million losses a year ago.

For the full year, it losses were reduced to RM19.08 million from RM 26.24 million a year ago.

Its oil and gas support services division saw a 3.9% decline in net profit to RM2.18 million from RM2.27 million a year ago. For the full year, the division's net profit fell 66.5% to RM8.89 million from RM26.57 million a year ago.

'Despite the competitive market for the supply of offshore support vessels (OSVs) during the quarter and much of the financial year July 31, the oil and gas support services division continued to enjoy reasonably good performance,' said Azlan.

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