Jaks Resources sees 470% jump in 2Q net profit; drops 33% in revenue

KUALA LUMPUR: Jaks Resources's net profit for the second quarter ending April 30, 2010 rose 470% to RM890,000 compared to RM142,000 reported in the same quarter last year, the company said in a filing to Bursa Malaysia on Wednesday, June 30. 

However, revenue in the quarter dropped 33% to RM54.68 million from RM81.312 million in the same quarter the year before.

“The decrease in revenue was mainly due to lower recognition of works done for the projects in the construction division and lower steel-related product revenue, especially during the Chinese New Year festive period,” the Group said.

The increase in net profit is attributed to the higher pricing of steel-related products.

The basic earning per share went up to 0.18 sen compared to 0.03 sen a year ago. Net assets per share for the current quarter under review remains unchanged from a year ago at RM1.04.

Jaks Resources's principal activity is involving in the provision of sub-contracting activities, general contractor and supplier of building materials.

Other activities include the manufacture of pipes, ductile steel pipes and steel hollow section, as well as trading in sheet piles, steel bars, mild steel and special pipes, other steel related products and supply of products for water supply industry.

Its operations are mainly in Malaysia.
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