George Kent posted lower earnings and turnover for 4QFY15

KUCHING: Construct ion c omp a ny Ge orge Kent ( Malaysia) Bhd (George Kent) registered lower earnings and turnover for the fourth quarter of financial year 2015 (4QFY15).

The company in a filing to Bursa Malaysia yesterday said its 4QFY15 net prof it dropped 55 per cent year- onyear ( y- o-y) to RM8.28 million from RM18.48 mi l l ion in 4QFY14.

At the same time, George Kent said its revenue for 4QFY15 also dropped 56 per cent y- oy to RM117.23 million from RM266.81 million in 4QFY14.

As for financial year 2015 ( FY15), George Kent said earnings decreased 22 per cent y- o-y to RM28.1 million whi le turnover decl ined 30 per cent y- o- y to RM353.16 million.

Meanwhi le, George Kent in a press statement said the company recorded improved f i n a nc i a l per formanc e quarter- on- quarter (q- o- q).

The company said it generated total revenue of RM117.23 million, up 22.08 per cent q- oq from RM96.03 million in the preceding quarter of 3QFY15.

Additionally, the group said its prof it before tax ( PBT) improved 20.6 per cent qoq to RM12.65 million and profit after tax ( PAT) gained 14.5 per cent q- o- q to RM8.28 million.

Commenting on the group’s overall performance across the segments, George Kent Group’s chairman Tan Sri Tan Kay Hock said, “The growth in sales and volume of our meters for the export market is very encouraging and shows tremendous growth potential.

“We will continue to seek out oppor tuni t ies along this line to grow both our revenue and bottom line,” Tan said.

Apart from that, George Kent disclosed the company’s metering and engineering divi sions made up 27. 3 6 per cent and 72.64 per cent respectively of the group’s FY15 full year revenue.

The group’s engineering r evenue i n FY1 5 wa s contributed by the Ampang Light Rail Transit ( LRT) Line extension project in Kuala Lumpur.

On Oct 29, 2014, the group announced that it had received a letter of award from the Ministry of Health ( MOH) to design and build Phase II of the Kuala Lipis Hospital for a contract sum of RM57 million.

The project, which is due for completion in April 2017 is in line with the group’s long- term strategy to actively bid for cur rent and upcoming infrastructure and engineering related projects.

Total d iv i d e nd pa i d or to be paid for FY15 amounts to RM15.922 million which is higher compared to FY14.