PLB Engineering posts 3Q net profit of RM2.36m

KUALA LUMPUR: PLB Engineering Bhd saw its net profit jump to RM2.36 million for its third quarter ended May 31, 2010 (3Q), up 325% from RM555,000 a year ago, despite posting a 27.2% decline in revenue of RM19.95 million from RM27.42 million.

The company said on Monday, July 27, that its pretax profit surged more than 11 times to RM2.4 million from RM193,000 a year ago. Basic earnings per share (EPS) were at 2.82 sen, up from 0.65 sen.

For the first three quarters of the year ended May 31, 2010, the company group posted 53.8% higher pretax profit of RM3 million versus RM1.95 million a year ago, thanks to its property development division.

This was despite a 21.4% decline in revenue to RM68.69 million from RM87.48 million.

Net assets per share stood at 1.17 sen, up from 1.15 sen a year ago.

The stock closed unchanged and untraded at 94.5 sen.

In a separate announcement, PLB said as at May 31, 2010 its related party receivables stood at RM4.19 million due from four companies related to one common director.

The companies are PR Builder Sdn Bhd (PRB), Talian Selasih Development Sdn Bhd (TSD), Pembinaan Kasporat Trinas (PKT) and Pulau Reka Sdn Bhd.