Cypark recorded total revenue of RM35.9 million for 3Q2024, which it said was primarily contributed by the renewable energy division and waste management & waste-to-energy division.
However the group reported a loss after tax for 3Q2024 at RM27.7 million. Cypark said it was mainly due to the losses recorded by the Waste Management & Waste-To-Energy division in the current quarter due to the adjustment made on the amortization which has been adjusted back to the concession term basis that consistent with the previous year amortization.
The total adjustment of RM21.0 million amortisation expenses was adjusted accordingly. A lower tax expense was recorded in current quarter due to the lower tax provision for tax exempted projects and lower construction revenue generated, as well as the deferred tax movement.
The Group’s revenue for the current quarter was lower compared to RM55.3 million recorded in the immediate preceding quarter due to the lower work progress on the construction project and the nearly completion of LSS project. The losses in the current quarter, compared to a loss before tax of RM0.3 million in the immediate preceding quarter was mainly due to the adjusted the amortisation to be consistent with the previous year.
Additional total of RM 21.0million amortization was adjusted accordingly. The group also prudently provided the allowance for impairment of the trade receivables totaling of RM5.5 million in the current quarter.
