SPK-Sentosa records loss before tax of RM2.359 million for 1Q2010

KUALA LUMPUR: SPK-Sentosa recorded a loss before tax of RM2.359 million for the quarter ended March 31, 2010 (1Q2010), compared with a profit before tax of RM2.678 million for the same quarter last year. This was announced on Bursa Malaysia on May 19.

The loss was attributed to lower sales and correspondingly lower profits from the trading units of the oil and gas division; lower share of profits from associates resulting from dilution of interest in the associates; and deferment of payment by a client for a project undertaken by the construction division resulting in additional finance cost incurred on the contract financing facility.

Meanwhile, profit before tax for the preceding quarter (4Q2009) was RM5.172 million.

SPK-Sentosa will focus on its construction projects in the Middle East as projects available locally are limited. However, the group will continue to pursue quality projects, both locally and overseas, on a selective basis, to enhance its orderbook.