Destini’s third quarter net profit down 30%
PETALING JAYA: Integrated engineering solutions provider Destini Bhd’s net profit in the third quarter ended Sept 30, 2016 (Q3FY16) fell 30.3% to RM4.95 million, from RM7.1 million in the corresponding period last year.
Revenue dropped 46.2% to RM48.62 million from RM90.34 million in the previous year’s third quarter.
For the nine months period this year, the group’s net profit surged 82% to RM21 million from RM11.6 million a year ago, while revenue jumped 33% to RM239 million from RM179.2 million in the previous year, driven mainly by its marine manufacturing services.
Concurrently, the group’s provision of maintenance, repair and overhaul services to the defence aviation sector remains a significant recurring income contributor, Destini said in a statement yesterday.
Destini group managing director Datuk Rozabil Abdul Rahman said despite operating in a challenging global economic environment, the group continues to report growth in its financial performance.
He said having a diversified income base across several industries has helped the group to mitigate the downcycle trend in certain industries and bolster its overall financials.
Rozabil said the group is optimistic of securing more jobs from the marine sector, as it sees a lucrative future in the shipbuilding business.
“While we continue to invest to grow our commercial aviation business, our land transport division is on target to deliver the first seven units of motor trolleys to Keretapi Tanah Melayu Bhd in the first quarter of next year.
“There are 35 units of motor trolleys to be delivered over five tranches. Meanwhile, in our oil and gas business, we are still bidding for more jobs and we are hopeful of a positive outcome soon.”