The Star Malaysia - StarBiz
Ramunia chalks up Rm8mil profit
PETALING JAYA: Ramunia Holdings Bhd made a net profit of RM7.79mil or 1.18 sen earnings per share on revenue of RM40.7mil for its first quarter ended March 31.
The turnover was attributed to the recognition of revenue of its small renewable energy power plant project, said the company which is involved in the fabrication of offshore oil and gas facilities.
Ramunia, in notes accompanying its financial results, said that it was on course to fulfil the conditions that had been imposed by Bursa Malaysia under its regularisation plan.
The company, which still has a PN17 status, is due to complete the purchase of a fabrication yard on Pulau Indah and has over the past years been actively seeking fabrication contracts.
Based on the improved results and on assumption that projects being sought were secured, the management believed that the company was in a position to make profit this financial year, it said.
The group had changed its financial year-end from Oct 31 to Dec 31 beginning the financial period ending Dec 31, 2011.
Accordingly, there are no comparatives figures for the current quarter and the preceding year corresponding period.