ENGLISH
|
JAPANESE
|
CONNECT WITH US:
Home
About
Contact
Log in
*
Home
Press release
May 30, 2023 20:00 JST
Source:
Minetech Resources Bhd
Minetech Posts 46% Growth in Revenue for 4Q
LBT for FY2023 halved as civil engineering and bituminous products businesses continue to show earnings improvement
KUALA LUMPUR, May 30, 2023 - (ACN Newswire) - Minetech Resources Berhad, a civil engineering specialist and bituminous products manufacturer, today announced that the Company reported a 46.1% increase in revenue to RM36.9 million for the fourth quarter ended 31 March 2023 (4Q FY2023) compared with revenue of RM25.2 million in 4Q FY2022.
Matt Chin, Executive Director of Minetech
The Company registered a loss before tax (LBT) of RM7.2 million for 4Q FY2023 compared with LBT of RM12.1 million in 4Q FY2022. For FY2023, the Company recorded a 45.4% growth in revenue to RM124.2 million compared with RM85.4 million in FY2022 while LBT for the period under review has been halved to RM10.2 million from RM24.3 million.
For the quarter under review, the civil engineering division recorded revenue of RM23.4 million with an operating profit of RM2.3 million compared with revenue of RM14.7 million and operating profit of RM0.9 million in 4Q FY2022. The bituminous products division's revenue increased to RM8.6 million with an operating loss of RM0.2 million compared with revenue of RM5.1 million and an operating profit of RM0.5 million while the services division's revenue decreased to RM0.4 million with an operating loss of RM0.6 million compared with revenue of RM1.7 million and operating loss of RM4.8 million in 4Q FY2022.
For FY2023, the Company's adjusted EBITDA turned positive at RM0.75 million compared with adjusted negative EBITDA of RM11.2 million in FY2022.
Matt Chin, Executive Director of Minetech (Link)Matt Chin, Executive Director of Minetech, said, "The civil engineering and bituminous products businesses continue to be the significant contributors to revenue. For the civil engineering business, the much higher contribution to revenue of RM14.9 million from the Selinsing gold mine compared with RM8.9 million a year ago was due to an increase in work volume. The increase in sales of coating enamel resulted in higher revenue for the bituminous products business while the operating loss was due to one-off repair and maintenance cost."
"The services business has seen an improvement with a much-reduced operating loss despite the decrease in revenue. The lower revenue was mainly due to lower supply of manpower, storage tank maintenance services and lower number of remittance transactions."
"The Company remains focused on growing the new businesses that we have diversified into over the past three years, which includes financial technology and renewable energy (RE) that can help sustain earnings and growth over the longer-term. For the RE venture, we won a contract valued at RM36.7 million in January this year from Tesdec Hydropower Sdn Bhd for the development of a 3MW mini hydropower plant in Besut, Terengganu. We are cautiously optimistic for the Company's outlook given the better-than-expected economic growth of 5.6% in 1Q that was underpinned by broad-based growth across all sectors of the economy."
Minetech Resources Bhd: 7219 [BURSA: MINE],
https://minetech.com.my/
Source: Minetech Resources Bhd
Sectors: Metals & Mining, Engineering, Manufacturing
Copyright ©2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
Latest Release
Mitsubishi Corporation (MC) to invest in Ayala joint venture with stake in Mynt
Oct 18, 2024 23:05 JST
MHI Receives Order to Supply MOX Fuel Assemblies for Unit 3 of Genkai Nuclear Power Station, Kyushu Electric Power Co. Inc.
Oct 18, 2024 22:59 JST
Hitachi Receives Order for 56 Elevators and Escalators for CRC The Flagship in Noida, India
Oct 18, 2024 15:50 JST
MHI Thermal Systems Receives Order for Large-scale Centrifugal Chillers from Empower for its District Cooling Plants in Dubai, UAE
Oct 18, 2024 11:20 JST
Fujitsu and Teikyo University begin joint research on UX platform for promotion of lifestyle improvement using XR, spatial computing, and generative AI
Oct 18, 2024 10:38 JST
TANAKA to Provide Medals Representing the Event Concept with a Design of Gently Curved Circular Expansion for the Tokyo Legacy Half Marathon 2024
Oct 18, 2024 03:00 JST
A Joint Regional Cohort Study by Shimadzu, Eisai, Oita University, and Usuki City Medical Association
Oct 17, 2024 20:01 JST
Update on Regulatory Review of Lecanemab for Early Alzheimer's Disease in Australia
Oct 17, 2024 15:59 JST
Regarding the transfer of sales functions related to NEC-brand PCs for commercial customers
Oct 17, 2024 11:38 JST
TANAKA Announces "TK-SK" Palladium Alloy for Semiconductor Test Equipment
Oct 17, 2024 11:00 JST
Mitsubishi Power Completes Construction of 50MW Woody Biomass-fired Power Plant in Hyuga, Miyazaki Prefecture
Oct 16, 2024 20:07 JST
Orders for Gas Turbines through Partner Firm in China Reaches 150 Units
Oct 16, 2024 19:50 JST
Amyotrophic Lateral Sclerosis Treatment "Rozebalamin(R) for Injection 25 mg" Receives The Good Design Award 2024 for Light- Proof Vial Packaging
Oct 16, 2024 19:14 JST
Fujitsu to combat fake news in collaboration with leading Japanese organizations
Oct 16, 2024 12:35 JST
Mitsubishi Heavy Industries Invests in Koloma, a US-Based Geologic Hydrogen Exploration Startup
Oct 16, 2024 09:03 JST
Fujitsu implements global launch of world's first AI application to prevent quality degradation in 5G wireless networks
Oct 15, 2024 14:08 JST
NEC C&C Foundation Awards 2024 C&C Prize
Oct 15, 2024 13:34 JST
TOYOTA GAZOO Racing continues championship chase
Oct 11, 2024 20:19 JST
Overview of RTL ELECTRIC Competition Trial Bike
Oct 11, 2024 18:51 JST
TOYOTA GAZOO Racing and MoneyGram Haas F1 Team Agree on Technical Partnership for the Future of the Automotive Industry
Oct 11, 2024 18:27 JST
More Latest Release >>
Related Release
Minetech Records RM128.14 Million Revenue in 12M FY2024 amidst Challenging Market Conditions
May 30 2024 21:32 JST
Minetech Posts 58% Gain in 3Q Revenue to RM36 Million
February 23 2023 18:00 JST
Minetech Awarded RM36.71 Million Mini-Hydro Project
January 11 2023 17:00 JST
Minetech Records 32% Increase in Revenue for 2Q
November 24 2022 18:00 JST
More Press release >>