Friday, December 30, 2011

JAKS Resources posts RM25.13m net losses in 4Q on goodwill impairment

KUALA LUMPUR (Dec 30): JAKS Resources Bhd posted net losses of RM25.13 million in the fourth quarter ended Oct 31, 2011 from a net profit of RM1.19 million a year ago'' due to goodwill impairment adjustment of RM25.90 million.

It reported on Friday revenue rose 9% to RM93.24 million from RM85.74 million mainly due to higher revenue recognition of works done for projects in the CONSTRUCTION [] division. Loss per share was 5.73 sen compared with earnings per share of 0.27 sen.

For the financial year ended Oct 31, 2011, it swung into net losses of RM22.89 million compared net profit of RM2.28 million in the previous financial year.

Its revenue was 26.9% higher at RM326.68 million from the RM257.26 million a year ago. The higher revenue led to an increase in pretax profit of RM6.60 million from RM4.40 million due to the goodwill impairment adjustment of RM25.90 million.

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