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Jaks Resources’ 2Q net profit triples on higher Vietnam EPC contribution

KUALA LUMPUR (Aug 21): Jaks Resources Bhd’s net profit jumped near three times in the second quarter ended June 30, 2019 (2QFY19), as it recorded higher earnings in its construction division, contributed by engineering, procurement and construction works in Vietnam.

Net profit for 2QFY19 rose to RM37.29 million from RM12.74 million in the corresponding period last year, bumping up earnings per share to 6.35 sen from 2.44 sen, its stock exchange filing today showed. 

Quarterly revenue rose by 86% year-on-year to RM315.43 million, against RM169.99 million previously.

Jaks said its construction division recorded a significantly larger revenue of RM226.4 million, compared with the RM63.5 million it achieved in the preceding year’s corresponding quarter, following a higher amount of works done.

The better 2QFY19 earnings boosted the group’s net profit for the first half of FY19, which surged 116% to RM65.91 million from RM30.58 million a year ago (1HFY18), as revenue increased 65% to RM613.23 million from RM372.5 million.

Looking ahead, the group said its construction division will continue to be the main contributor in the second half of FY19 (2H), as construction works for the Vietnam EPC is expected to meet scheduled work plans and continue to deliver positively to the group until its completion.

Jaks shares ended three sen or 3.80% higher at 82 sen today, with 13.65 million shares done, giving it a market capitalisation of RM527.36 million. Year to date, the stock has climbed some 71%.

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