Jetson 3Q net profit drops 96% to RM87,000

KUALA LUMPUR: Kumpulan Jetson Bhd recorded a net profit drop of 96% to RM87,000 from RM1.998 million a year ago in its third quarter (3Q) financial statements ended Sept 30, 2010, the group announced on Tuesday, Nov 30.

Revenue earned increased 51% to RM42.59 million from RM28.19 million a year ago.

The group stated that the increase in revenue was mainly driven by the higher revenue contributions from construction and property division as well as the manufacturing division. Lower profit recorded in the current quarter was due to higher operating cost of the hostel and higher administration expenses at the holding company level, it added.

Basic earnings per share was 0.13 sen, down from 3.38 sen a year ago. Net assets per share dropped to RM1.7136 from RM1.7595 at the preceding financial year end.

Jetson operates through four business segments namely, construction and property, hostel management, manufacturing segment and environmental services.