Vizione’s 1Q Net Profit Jumps 28 Times To RM15.02 Mil On Higher Construction Earnings

Syahirah Syed Jaafar / theedgemarkets.com

October 29, 2018 20:29 pm +08

KUALA LUMPUR (Oct 29): Vizione Holdings Bhd’s net profit leapt 28 times to RM15.02 million for the first financial quarter ended August 31, 2018 (1QFY19) from RM529,000 a year ago thanks to higher contributions from construction projects.

This brought up earnings per share to 0.41 sen versus 0.06 sen per share in the corresponding quarter of the previous year.

In a Bursa filing today, Vizione said quarterly revenue soared seven times to RM159.51 million from RM21.34 million a year ago due to construction work undertaken by the group’s subsidiary Wira Syukur (M) Sdn Bhd (WSSB), a company that was acquired by the group on Oct 9, 2017.

It said WSSB has a substantial order book of approximately RM3.91 billion comprising projects awarded by the local government and developers in Malaysia.

Going forward, the immediate future is expected to be challenging for the industry. However Vizione said it is confident of waddling through these challenges by managing operational risks and maximising resources.

The group added that it foresees great opportunities in the wake of the government’s fiscal policy in building more affordable homes in the short to medium term.

Shares of Vizione dropped 0.5 sen to 90.5 sen, for a market capitalisation of RM505.69 million.