KPOWER (7130): KUMPULAN POWERNET BHD’s 4Q net profit falls 19% on impairment of investment property
KUALA LUMPUR (Sept 23): KPower Bhd, formerly known as Kumpulan Powernet Bhd, said its net profit fell 19.05% to RM5.92 million in the fourth quarter ended June 30, 2021 from RM7.31 million a year ago, due mainly to the impairment of an investment property amounting to RM1 million.
Quarterly revenue rose 157.37% to RM101.31 million from RM39.36 million, mainly due to progress of existing projects and contributions from projects based on order basis in Malaysia and Indonesia, the sustainable energy and utilities group said in a Bursa Malaysia filing.
On a quarter-on-quarter basis, however, net profit declined 58.16% from RM14.15 million in the preceding quarter, while revenue dropped 26.41% from RM137.66 million.
For the full financial year, KPower’s net profit almost tripled to RM37.46 million from RM12.79 million while revenue increased to RM386.09 million from RM95.84 million.
The group said that despite a few setbacks of its plans for the financial year caused by Covid-19, the group remains optimistic that it would be able to speed up the pace of the business while strengthening its future plan.
KPower’s sustainable energy and utilities business involves construction related activities and specialised engineering services that are spread over various projects across the ASEAN region and Nepal.
Shares in KPower ended unchanged at 73 sen today, valuing the group at RM330.20 million. Year to date, the stock has fallen by 60.33% from a peak of RM2.91 in early January.
http://www.theedgemarkets.com/article/kpowers-4q-net-profit-falls-19-impairment-investment-property
