Tuesday, November 22, 2011

Time Engineering's 3Q earnings RM89m, boost from asset disposal

KUALA LUMPUR (Nov 22): TIME ENGINEERING BHD [] posted net profit of RM89.70 million in the third quarter ended Sept 30, up 709% from RM11.08 million a year ago, boosted by a gain of RM91.92 million from the disposal of investment.

It said on Tuesday its revenue slipped 2.9% to RM15.44 million from RM15.91 million mainly due to reduction in the group's system integration business. Earnings per share were 11.57 sen compared with 1.43 sen.

'The current quarter's results benefited from lower finance cost due to early full redemption of redeemable secured loan stocks and the gain on disposal of investment,' it said.

Time Engineering said for the nine-month period, its earnings were RM89.30 million compared with RM7.66 million in the previous corresponding period. Its revenue fell 25% to RM49.33 million from RM65.78 million.

The lower revenue in the current year was mainly due to the completion of the MAMPU project and supply of ICT Equipment for MIS implementation in Vietnam.

It said the Group would focus on improving its business and services offerings in its e-commerce portfolios. It added the integrated enterprise centre had recently started and was expected to begin contributing to the group results.

No comments:

Post a Comment