Vizione's 2Q Net Profit Soars On Construction Revenue
Jan 15, 2018
Wong Ee Lin
January 15, 2018 19:55 pm +08
KUALA LUMPUR (Jan 15): Vizione Holdings Bhd's net profit for the second quarter ended Nov 30, 2017 (2QFY18) jumped about 46 times to RM6.55 million from RM141,000 in the same quarter a year ago, due mainly to the maiden contribution of its newly acquired construction subsidiary, Wira Syukur Sdn Bhd (WSSB).
Quarterly revenue leapt almost 15 times to RM147.3 million from RM9.84 million, according to its filing to Bursa Malaysia today.
Overall, the increase in revenue and profit before tax were mainly attributed to construction works undertaken during the quarter by WSSB, which was acquired by the group on Oct 9, 2017.
WSSB, Vizione said, has a substantial order book comprising projects awarded by the local government and developers in Malaysia. The group's results for 2QFY18 incorporated about two months of WSSB's results.
For its cumulative six months of FY18 (1HFY18), net profit was about 27 times higher at RM7.08 million compared to RM262,000 in 1HFY17, while revenue grew ninefold to RM168.63 million from RM18.44 million.
"I am delighted that the group has demonstrated a strong performance for our first half financial results for the financial year ending May 2018 and we are fully committed to maintain a positive growth trajectory going forward," said Vizione managing director Datuk Ng Aun Hooi in a statement.
"The acquisition of Wira Syukur was a game changer for Vizione as it provided the group with a robust order book, technical capabilities and economics of scale which will drive overheads cost lower. Moving forward, the board is confident that the group's performance will be further strengthened by our robust outstanding orderbook of RM3.6 billion and new projects which we will strive to secure," he added.
Shares in Vizione closed half a sen or 2.7% higher at 19 sen today, with 84.07 million shares for a market capitalisation of RM636.93 million.