Thursday, December 29, 2011

Quality Concrete 3Q net profit plunges to RM1.79m

KUALA LUMPUR (Dec 29): QUALITY CONCRETE HOLDINGS BHD [] net profit for the third quarter ended Oct 31, 2011 plunged to RM1.79 million from RM11.83 million a year earlier, due mainly to higher operating cost and lesser profit reported in the HDPE pipes and timber products divisions.

The company said on Thursday that revenue for the quarter rose 39.4% to RM49.82 million year-on-year to RM35.74 million.

Earnings per share for the quarter was 3.09 sen compared to 19.64 sen in 2010, while net assets per share was RM2.69.

For the nine months ended Oct 31, Quality Concrete's net profit fell to RM3.88 million from RM13.11 million, despite posting an increase in revenue to RM149.54 million from RM107.86 million.

Reviewing its performance, the company said the increase in revenue was from the property and CONSTRUCTION [] division where all the projects undertaken have started commencing works.

However, the company said its overall profit was pulled down by higher operating cost and also lesser profit reported in the HDPE pipes and timber products divisions.

It also said most of the profit achieved in the last financial year included a gain from disposal of a subsidiary company.

On its prospects, Quality Concrete said it would continue to work towards enhancing its performance and financial position in the final quarter of the year.

'Barring any unforeseen circumstances, the management is confident that the group will be able to achieve it,' it said.



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