Monday, November 21, 2011

PLUS Expressway 3Q earnings up 39% to RM465.9m

KUALA LUMPUR (Nov 21): PLUS EXPRESSWAYS BHD [] saw its earnings increase by 39.3% to RM456.98 million from RM334.49 million a year ago on higher toll collection.

The tolled road operator said on Monday its revenue increased by 15.2% to RM969.92 million from RM841.85 million while earnings per share were 9.32 sen compared with 6.69 sen.

In the notes to the accounts, it said toll collection was higher by RM55.1 million or 8.6% from a year ago, mainly due to an increase in the toll collection of RM45.10 million.

'Total revenue for the current quarter of RM969.9 million was 15.2% or RM128.0 million higher than the preceding year corresponding quarter of RM841.9 million. The favourable variance was mainly due to higher toll collection and higher toll compensation of RM72.2 million(net of fair value adjustment).

For the nine-months ended Sept 30, its earnings rose 46.9% to RM1.344 billion from RM918.81 million while revenue increased by 17.2% to RM2.876 billion from RM2.454 billion.

PLUS said its group toll collection of RM2.067 billion was 9.0% or RM170.2 million higher than the previous period's RM1.897 billion.

The increase was mainly attributed by higher toll collection by PLUS of RM138.4 million driven by traffic growth of 6.2%.

For the period ended Sept 30, the group generated cash from operating activities of RM1.386 billion,with cash and cash equivalents balance of RM3.244 billion.




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