Trive Property returns to profit in 2Q on gain on quoted shares

KUALA LUMPUR (March 29): Trive Property Group Bhd swung back to the black in its second financial quarter ended Jan 31, 2022 (2QFY22) with a net profit of RM1.36 million compared with a net loss of RM1.99 million a year prior, mainly due to an unrealised gain on quoted shares during the quarter under review.

Earnings per share climbed to 0.12 sen from a net loss per share of 0.05 sen, according to the group's bourse filing on Monday (March 28).

However, its quarterly revenue fell 21.24% to RM1.78 million from RM2.27 million in 2QFY21, dragged by a lower contribution from its solar division.

Compared with the immediate preceding quarter, Trive Property's 2QFY22 net profit was an improvement versus the net loss of RM829,000 in 1QFY22, even though quarterly revenue decreased 36.13% from RM2.79 million.

"The relatively good performance in current quarter compared with in the immediate preceding quarter was due to unrealised gain on quoted share during the quarter," it said.

Meanwhile, the group's cumulative net profit for the first six months of FY22 (6MFY22) was RM526,000 versus a net loss of RM3.35 million in the same period a year ago.

Cumulative revenue for 6MFY22 was 13.56% higher at RM4.58 million compared with RM4.02 million a year earlier.

Commenting on its prospects going forward, Trive Property said it foresees potential demand for solar products globally and hopes to grow its solar division with existing strategies and a competitive cost structure.

"However, the outbreak of Covid-19 might severely affect the group's performance for the period ended 2022. The company [is] still assessing the potential impact on the group at the conclusion of this report and [will] reflect the impact in the accounts when it could be reliably measured.

"Despite the challenges from the pandemic, the group would expect all the efforts and measures that the group [has] taken continuously [to] improve its financial performance and to enhance value for the shareholders moving forward," it added.

Trive Property's share price closed unchanged at eight sen on Monday, giving the group a market capitalisation of RM101.09 million.

Edited by Lam Jian Wyn

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