The Group recorded a revenue and profit before tax of RM770.26 million and RM130.89 million respectively for the current quarter and period ended 31 March 2017 as compared to a revenue of RM502.51 million and a profit before tax of RM31.80 million for the preceding year corresponding period.
The increase in the revenue and profit before tax for the reporting period was mainly due to the commencement of preliminary and construction work for Setiawangsa-Pantai Expressway (SPE). Higher sales recognition for EkoCheras project coupled with advanced progress work has also contributed to a higher revenue from the property development segment.
The Group reported a profit before taxation of RM21.26 million from a revenue of RM291.75 million as compared to the previous quarter of RM55.45 million profit before tax from a revenue of RM274.96 million.
Despite an increase in the revenue, the profit before tax for the reporting quarter for the Group has decreased mainly due to the one-off expense amounting to RM22.62 million on the recognition of the fair value adjustment pursuant to the granting of the Employees’ Share Option Scheme on 9 March 2017 during the current quarter. The lower contribution from the preliminary and enabling work for SPE which has a better profit margin has also resulted in a lower profit before tax for the current quarter.
The Board expects the ongoing construction of the DUKE Phase-2 and SPE, toll revenue and the recognition of unbilled sales from property development activities to contribute positively to the Group's turnover and profitability in the current financial year.
Barring any unforeseen circumstances, the Board is confident that the Group’s performance would be much better for the financial year ending 30 June 2017 as compared to the previous financial year.