Cypark Resources Reports Improved Third Quarter Net Profit of RM 16.68 Million
KUALA LUMPUR (September 30): Cypark Resources Bhd posted net profit of RM16.68 million for the third quarter ended July 31, 2021 (3QFY21), 3.3% more than RM16.15 million at the same period last year but down 7.3% from RM18 million in the previous quarter.
Revenue increased 18.3% to RM 65.92 million from RM 55.69 million last year, and down 23.3% from RM 86 million quarter on quarter.
For the cumulative nine months of FY21, the group recorded a net profit of RM 49.7 million from RM 49.2 million in the previous year, while revenue increased 2.7% to 228 , RM 4 million.
In a stock market filing, the environmental engineering firm attributed the improvement in year-over-year performance to the continued progress of work on its large-scale solar projects as well as specialist and advisory work. carried out during the current quarter.
“In line with the increase in income, profit before tax for the current year also increased by RM 2.5 million or 4% to RM 65.4 million from RM 62.9 million recorded during from the previous year.
“The increase in profit is mainly due to the savings in interest costs achieved through the conversion of certain conventional financings into the issuance of perpetual sukuk and the decrease in borrowing rates resulting from the fall in the overnight key rate. the day by Bank Negara Malaysia.
In addition, the profit recorded in the previous year was lower in part due to the recognition of an employee stock option plan expense of RM 2.1 million during the course of the year. from the previous year. The improvement in the group’s net income is explained by an additional deferred tax charge recognized during the current financial year for [our] waste-to-energy project, ”the group said.
Cypark predicted that renewable energy (RE) demand would increase at a sustained rate with the December 2020 government announcement of Net Energy Meter 3.0 (2021 to 2021), in which a quota of 300 MW out of 500 MW will be supplied to commercial and industrial players.
“Renewable energy players can also benefit from the extension of incentives for the tax allowance for green investments (GITA) and the exemption from green income tax (GITE) until 2023 and from the program Green Technology Funding Fund (GTFS) 3.0 with a fund size of RM2 billion through 2022, ”the group said.
Cypark said he has taken preventative measures to endure the economic impact of the Covid 19 pandemic by successfully completing the vaccination program for all staff and their spouses in August and looks forward to being able to function fully when the capacity 100% working will be allowed.
Cypark shares closed at 96 sen, a level where the stock has since hit a 21-month high of RM 1.66 on March 1, to value the group at RM 542.39 million.