Prinsiptek Corp sees net profit increase 12.7% in 1Q2010

KUALA LUMPUR: Prinsiptek Corp Bhd recorded an increase in net profit of 12.7% for 1Q2010 at RM32.548 million versus RM25.591 million for the same period a year ago. Revenue collected for the quarter under review increased by 27.2% at RM32.548 million compared with RM25.591 million in the corresponding quarter a year ago.

In a listing on Bursa Malaysia on May 21, the group attributed the good performance to increased activities in its construction division.

The revenue of the immediate preceding quarter (4Q2009) was RM64.99 million, which meant a drop of 49.9% for the current quarter. The group explained in the Bursa listing that this was due to high revenue in the preceding quarter in line with the recognition of an overseas project completed then.

The group also stated that its construction division would be the main driver for the group’s results in the next financial year. Moreover, it will adopt a prudent approach in its operations and focus on core activities to enhance and strengthen the synergy among its group of companies.

The group's principal activity is construction work. Other activities include developing residential and commercial properties, trading building materials, providing managerial and secretarial services and investment holding. The group operates in Malaysia.