Cypark Resources Bhd achieved a pre-tax profit of RM16.032 million on the back of a turnover of RM75.811million for the second quarter ending April 30, 2022 from a pre-tax profit of RM23.163 million on the back of a turnover of RM85.969 million for the same period previously.
The Group generated total revenue of RM75.8 million for 2Q2022 as compared to RM85.9 million recorded in 2Q2021.
In a Bursa filing, it said that the decrease was mainly due to the lower turnkey contract revenue generated from LSS2 projects of which one of the plants has already been completed in 1Q2022 and another two are at the final stage of completion in the current quarter.
Moving forward, these secured LSS2 projects will move from the construction phase to Operation & Maintenance (“O&M”) phase. These projects will continue to contribute different revenue streams to the Group
It said that the corresponding to the decrease in turnkey contract revenue, the profit before tax for 2Q2022 has declined to RM16.0 million as compared to RM23.2 million in 2Q2021.
It said that the decrease was also partly caused by the additional costs incurred for logistics, labour, and prolongation as a result of the pandemic. Lower tax expense in current quarter was due to lower provision required for revenue of tax-exempt projects. The Group’s profit after tax for 2Q2022 was recorded at RM14.5 million as compared to RM18.0 million recorded in the preceding year’s quarter.
