Sycal 3Q net profit up to RM3.44m

KUALA LUMPUR: Sycal Ventures Bhd recorded a net profit of RM3.44 million up from a net loss of RM1.26 million a year ago in its third quarter (3Q) financial statements ended Sept 30, 2010,the group announced on Tuesday, Nov 30.

Revenue earned rose 83% to RM43.88 million from RM23.996 million a year ago.

The group attributed the increase in revenue to the contribution from the Sitiawan project that has a contract value of RM49 million, which started in 1Q2010 and expected to complete by December 2010. Construction activities remained the main contributor to the group's revenue — contributing 65% of the group's revenue —  due to progressing construction work for the Cheras and Sitiawan projects, it added.

Basic earnings per share rose to 1.36 sen from a basic loss per share of 1.43 sen a year ago. Net assets per share dropped to 46 sen from 47.82 sen at the preceding financial year end.

Sycal operates as a contractor for building and civil engineering works in Malaysia and Hong Kong.