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Bina Puri 2Q earnings double to RM3.14m

KUALA LUMPUR: Bina Puri Holdings Bhd posted net profit of RM3.14 million for the second quarter ended June 30, up 100% from RM1.56 million a year ago, underpinned by its construction division.

It said on Monday, Aug 23 that revenue rose 43.6% to RM267.71 million from RM186.31 million.  Profit before tax was RM4.37 million compared with RM2.46 million.

Earnings per share were 2.99 sen compared with 1.87 sen.

For the first half ended June 30, net profit was 87.6% higher at RM4.84 million compared with RM2.58 million in the previous corresponding period. Pre-tax profit came in at RM6.97 million, an increase of 70.4% from RM4.09 million. Revenue was 76.2% higher at RM566.13 million from RM321.26 million.

The better performance in the first half was due to the construction division, which recorded revenue of RM523.9 million and profit before tax of RM6 million as compared to RM278.2 million and RM1.7 million respectively.

“The improved performance of this division was mainly attributable to progressive profit recognised from the projects in progress,” it said.

The quarry and ready mix concrete division recorded revenue of RM43.6 million and profit before tax of RM1.4 million versus RM28.4 million and RM1.7 million respectively a year ago.

When compared with the first quarter, revenue was lower at RM267.7 million from RM298.4 million.

However, at pre-tax level, it recorded RM4.4 million compared with RM2.6 million .

“The improved performance was mainly attributable to progressive profit recognised from the projects in progress,” it said.

On its prospects, it had secured several new projects locally and overseas in Thailand, Pakistan and Brunei.

“We would also be launching our own development projects in Klang Valley, Johor Bahru and Kota Kinabalu. We have been granted a construction license in Saudi Arabia and we are confident to secure projects there.

“The current value of contract work in progress is approximately RM2.7 billion, which is expected to provide a steady stream of revenue for the group over the next three years,” it said.

As for the 33km Kuala Lumpur-Kuala Selangor Expressway (KLS) dual carriageway linking the coastal area of North-West Selangor with Kuala Lumpur, it said the project was on target to be fully operational by the first quarter of 2011.
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