Puncak Niaga narrows losses in third quarter

PETALING JAYA: Puncak Niaga Holdings Bhd narrowed its losses to RM25.38 million for the third quarter ended Sept 30, 2017 compared with a net loss of RM102.38 million a year ago, mainly due to reversal of provision for foreseeable loss in previous year realised upon revenue and cost recognition, and fair value gain on investment properties.

Revenue was up 25% to RM37.27 million compared with RM29.75 million in the previous year’s corresponding period.

For the nine months period, its net loss narrowed to RM98.49 million from RM166.18 million a year ago, mainly due to reversal of provision for foreseeable loss in previous year realised upon revenue and cost recognition, and fair value gain on investment properties.

Revenue rose 64% to RM87.21 million compared with the nine months net profit of RM53.20 million in the previous year mainly due to higher revenue contribution from the construction and water and wastewater segments and the new plantation segment.

Puncak Niaga said it is continuously looking to expand its operations in areas related to its core businesses and competencies in the water and wastewater, sewerage, environmental engineering and construction, both locally and abroad and has recently ventured into the oil palm plantation sector on July 3, 2017 with the completion of the acquisition of Danum Sinar Sdn Bhd, an oil palm plantation company.