Geotechnical instrumentation and testing service provider Glostrext Berhad posted a net profit of RM1.46 million on the back of RM6.43 million in revenue for its first quarter ended 30 June 2023.
The Company’s earnings per share for the quarter was 0.48 sen.
No comparative figures were available for the preceding year’s corresponding quarter and period as it was the first interim financial report announced by the Company in compliance with the ACE Market Listing Requirements of Bursa Malaysia Securities Berhad.
Reviewing its performance, Ir. Dr. Lee Sien Managing Director of Glostrext, said the Company’s revenue for 1QFY2024 came mainly from its pile instrumentation and static load test services as well as structural and ground instrumentation and monitoring services segments, which accounted for RM5.37 million and RM0.94 million, representing 83.5% and 14.6% respectively.
By geographical location, Singapore remains the Company’s largest revenue contributor for its geotechnical instrumentation service offerings, contributing RM4.60 million followed by RM1.81 million from Malaysia and RM0.02 million from Cambodia.
“An increase in public and private spending on infrastructure development in the region is expected to drive the growth of the geotechnical instrumentation and monitoring market. We are on track to achieve our internal revenue and profit targets for FY2024.
“In Malaysia, with the completion of MRT1 and 2, MRT Corp Development Building Control (DBC) has released the “Instrumentation & Monitoring Guidelines for Works Within MRT Railway Protection Zone”, December 2018 Edition with respect to the needs of monitoring. As demand for geotechnical instrumentation and testing services is expected to grow, the Group is well-positioned to capture these business opportunities,” he added.
Looking ahead, Glostrext will focus on promoting its off-site structural and ground instrumentation and monitoring services using the Glostrext WiNA platform in Singapore, as it sees opportunities in providing real time monitoring data in line with technological advancement.
Currently, the Company’s pile instrumentation and static load test services are mainly provided to customers in Malaysia and Singapore, while the structural and ground instrumentation and monitoring services are mainly provided to customers in Malaysia.
“The expansion plan is also in line with the requirements on structural and ground instrumentation and monitoring for all construction of buildings and infrastructure in Singapore which was made mandatory in 2008 under the Building Control Regulations 2003, as we believe that we will be well-positioned to benefit from these requirements to secure sales and further grow our business in Singapore,” he further added.
The Company is expected to list on the ACE Market of Bursa Securities on 15 August 2023.
