KUALA LUMPUR (Nov 1): PLB Engineering Bhd’s managing director (MD) Datuk Dr Ong Seng Soon was vacated from office with effect from today.

Ong, 54, vacated his post “pursuant to Paragraph 15.05(3)(c) of the Main Market Listing Requirements of Bursa Malaysia Securities Bhd”, according to a filing with Bursa Malaysia today.

Under this listing requirement, the office of a director will become vacant if the director is absent from more than 50% of the total board of directors' meetings held during a financial year.

Based on the company’s Annual Report 2018, Ong was appointed as the group MD of the Company on Oct 11, 1997. As at Nov 30 of last year, Ong holds a direct interest of 0.09% and an indirect interest of 60.16% — via his substantial shareholdings in Leading Builders Sdn Bhd.

Separately, PLB reported a net profit of RM5.92 million or 5.26 sen per share in the fourth quarter ended Aug 31, 2019 (4QFY19), eight times higher than the RM730,000 or 0.7 sen per share it recorded in the same period last year, as revenue jumped 84% to RM30.79 million from RM16.73 million.

For the full FY19, PLB registered a net profit of RM7.57 million versus a net loss of RM816,000 last year, while revenue more than doubled to RM243.41 million from RM99.04 million. PLB attributed the higher earnings to contribution from construction and property development sectors.

On prospects, PLB said the group will focus on and develop its major business segments which are construction, property development and waste management.

Shares of PLB closed unchanged at RM1.06, valuing the company at RM112.97 million. Over the past year, the counter has fallen some 28% from RM1.47.

 

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