Published: Thursday February 28, 2013 MYT 1:54:00 PM
AZRB FY earnings up 70% to RM20m, despite weaker Q4
KUALA LUMPUR: Ahmad Zaki Resources Bhd's (AZRB) earnings rose 70% to RM20.16mil from in the financial year ended Dec 31, 2012 from the RM11.86mil in FY11 despite a weaker fourth quarter.
The company said on Thursday its revenue rose 26.4% to RM676.34mil from RM534.87mil.
As for the fourth quarter ended Dec 31, 2012, its earnings fell 15.7% to RM2.31mil from RM2.74mil a year ago. Its revenue increased by 14.1% to RM162.32mil from RM142.26mil. Earnings per share were 0.83 sen compared with 0.99 sen.
AZRB was in the news after it secured a RM1.55bil contract from the government for the East Klang Valley Expressway (EKVE). The concession period would be for 50 years.
The government would provide to the company a loan in the maximum principal amount of RM635mil at an interest rate of 4% per annum capitalised annually.
On the FY12 financial performance, AZRB said the construction division accounted for RM599mil in revenue, up RM156mil from FY11.
However, its plantation division continued to post operating losses of RM12.5million. AZRB expected the division to gradually reduce its operating loss as yield per hectare increases in the medium term.
"Overall, the order book for the construction division stood at RM2.152bil," it said.