Benalec posts RM22.81m net profit in 4Q

KUALA LUMPUR: Benalec Holdings Bhd posted net profit RM22.81 million for the fourth quarter ended June 30, 2011 on the back of revenue RM65.96 million.

Earnings per share was 3.10 sen while net assets per share was 47 sen.

Reviewing its results, Benalec said on Monday, Aug 22 attributed its net 4Q net profit due to recognition of net gain on disposal of land held for sales, fair value gain on acquisition of a subsidiary, and offset by listing expenses in the previous quarter.

For the financial year ended June 30, Benalec posted net profit RM96.08 million on the back of revenue RM214.49 million.

Going forward, Benalec said the prospects for growth were bright based on the future projects in the pipeline that exists particularly in Penang, Melaka, Iskandar, Port Klang and the Sarawak Corridor of Renewable Energy (SCORE).

It said the Tenth Malaysia Plan had ports and harbour industry as a key economic sector for targeted growth in Malaysia and had allocated a substantial amount of funding in support of the industry.

“The Government is committing resources towards making Malaysia a high income, high Gross Domestic Product (GDP) nation by the announcement of the five (5) economic regions during the Ninth Malaysia Plan, by which the development of these regions encompasses coastal, rivals and waterfront development as well as the upgrade of infrastructure such as the CONSTRUCTION [] of power plants and energy stations, better drainage control and flood mitigation systems.

“On the regional front, the opportunities that exist in Asia Pacific with future projects estimated at over RM170 billion, are a compelling incentive for Benalec to invest and expand its operations beyond domestic borders,” it said.

Source