Cypark Q4 profit higher at RM39m

PETALING JAYA: Cypark Resources Bhd’s net profit soared 23.3% to RM38.87 million for the fourth quarter ended Oct 31, 2019 against RM31.53 million in the previous corresponding period, mainly due to the effect of adoption of MFRS 15 and the higher margin yielded from environmental engineering and greentech & renewable energy divisions.

Revenue for the quarter rose 5.4% to RM99.7 million from RM94.59 million.

Profit before tax for the environmental engineering segment increased substantially by RM11.4 million or 40.5% to RM39.6 million from RM28.2 million.

Meanwhile, the greentech & renewable energy division’s profit before tax jumped

RM5.8 million or 118.8% to RM10.7 million from RM4.9 million, underpinned by the specialist works performed and the further savings in finance costs.

Cypark’s full-year net profit also rose 11.7% to RM91.28 million from RM81.75 million on the back of a 6.8% increase in revenue to RM376.74 million from RM352.82 million.