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JAKS Resources’ 3Q net profit falls 86.17% to RM214,000

KUALA LUMPUR: JAKS Resources Bhd saw its net profit for the third quarter ended July 31, 2009 (3QFY09) plunge 86.17% to RM214,000, from RM1.55 million the previous year, despite higher revenue. The dip was due to the weakened selling price for steel related products.

According to a filing on Bursa Malaysia on Sept 30, the company’s revenue was up 18.4% to RM84.77 million, from RM71.6 million a year earlier, on higher recognition of works done for certain projects in the construction division.

Its basic earnings per share fell to 0.05 sen, from 0.37 sen. No dividend was declared.
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