PETALING JAYA: Malakoff Corp Bhd recorded a net profit of RM89.2 million for the first quarter ended March 31, a 33% improvement from RM67 million previously, due to the contribution from its newly acquired subsidiary, Alam Flora Sdn Bhd.
In a statement, the group also said it saw higher earnings from the group’s investments in associates, lower operations and maintenance (O&M) costs as well as the absence of the share of losses from the group’s 40%-owned Kapar Energy Ventures Sdn Bhd.
However, the group posted a revenue of RM1.77 billion for Q1’20, a decrease of 11.6% from RM2 billion reported in Q1’19 primarily due to lower energy payment recorded at Tanjung Bin Power Sdn Bhd and Tanjung Bin Energy Sdn Bhd as well as a decrease in despatch factor at Segari Energy Ventures Sdn Bhd and Prai Power Sdn Bhd gas plants following scheduled outage maintenance works.
CEO Datuk Ahmad Fuaad Kenali said Malakoff will continue to adapt to the new normal while ensuring efficient, stable and reliable operations.
“As the group operates in the essential services sector, it has been ‘business as usual’ for our power plants and waste management services during the movement control order (MCO) period. However, reduced demand for electricity in the industrial and commercial sectors amidst the MCO has adversely impacted the despatch of electricity during the period,” he said.
That said, Ahmad Fuaad noted that its new revenue stream, Alam Flora has been actively involved in sanitisation and disinfection services around Kuala Lumpur, Putrajaya and Pahang as part of the government’s efforts to curb the spread of the Covid-19 pandemic.
source https://www.thesundaily.my/business/malakoff-posts-33-jump-in-q1-profit-CM2439105
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