Financials


Condensed Consolidated Statement Of Comprehensive Income
For The Financial Period Ended 31 December 2016

Comprehensive Income

Condensed Consolidated Statement Of Financial Position
As At 31 December 2016

Financial Position

Review of Performance for the Period

For the quarter and period ended 31 December 2016, the Group recorded a revenue of RM478.50 million with a profit before tax of RM109.63 million as compared to a revenue of RM317.75 million and a profit before tax of RM15.26 million for the preceding year corresponding period. The increase in the revenue and profit before tax for the reporting period was mainly due to higher revenue contribution from the construction segment for DUKE Phase-2 and the commencement of preliminary and construction work for Setiawangsa-Pantai Expressway (SPE).

Review of Performance for the Quarter

The Group reported a profit before taxation of RM55.45 million from a revenue of RM274.96 million as compared to the previous quarter of RM54.18 million profit before tax from a revenue of RM203.55 million.

Despite an increase in the revenue of RM71.41 million, the profit before tax for the reporting quarter for the Group is only slightly higher as the contribution from the initial commencement of preliminary and enabling work for SPE which has a better profit margin is comparatively lower for the current quarter.

Prospects

The Board expects the ongoing construction of the DUKE Phase-2, toll revenue and the recognition of unbilled sales from property development activities to contribute to the Group's turnover and profitability in the current financial year. Further, the recently awarded master contract for the Setiawangsa-Pantai Expressway (SPE) (formally known as the Duke Phase-3) amounting to RM3.96 billion to Ekovest Berhad, is expected to contribute to the Group’s turnover and profitability.

Barring any unforeseen circumstances, the Board is confident that the Group’s performance would be better for the financial year ending 30 June 2017 as compared to the previous financial year.