The company said on Tuesday, Aug 24 that its 2Q revenue was RM50.42 million, up 6.30% from the same quarter a year ago, and up 55% from the preceding quarter's revenue of RM32.55 million.
While the increase in revenue is due to the higher turnover from the construction division, its projects with lower margin and unrealised exchange losses arising from advances to Thailand subsidiary companies contributed to the lower profits.
It expects the construction division to remain the main driver to its results in the next financial quarter as new local projects and overseas ventures are expected to be secured.
However, due to intense competition and rising material costs facing by construction and property industries, the construction and property markets are expected to be challenging in the near future.
Prinsiptek said it will focus on its core activities to enhance and strengthen the synergy among its group of companies.
TOP PICKS BY EDGEPROP
Residence [email protected] [Foc Mot & Free Furniture]
Bandar Botanic/Bandar Bukit Tinggi, Selangor
You buy Property , We Help you pay installments !
Double Story Corner Lot Taman Warisan Putra Fasa 2
Double Storey Terrace, Alam Sari, Bangi
[Salak Tinggi KLIA] Buy 1 Get 2 Studio ROI 9%
Mont Kiara | Freehold 3R2B Below Market Price
Mont Kiara, Kuala Lumpur
Welcome FIRST HOME BUYER & INVESTOR! Cash Back 30k
Cheras Semi D Below Market Price Left *7Units*
Cheras, Kuala Lumpur
2 Sty Semi D Tmn Tasik Semenyih, Semenyih
Cyberjaya DUAL KEY CONDO FREE FURNISHED+RENOVATED
You Buy property , We help you pay Installments !!
Nilai, Negeri Sembilan