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KUALA LUMPUR (Oct 27): Melati Ehsan Holdings Bhd's fourth quarter ended Aug 31, 2016 (4QFY16) net profit rose near 5.7 times or 472% to RM13.1 million from RM2.3 million a year ago, mainly due to a gain from the disposal of a subsidiary.
Revenue was up 119% to RM53.7 million from RM24.5 million last year, it said in a bourse filing yesterday.
A final and single dividend of 1.75 sen was proposed, amounting to a payout of RM2.1 million for the financial year ended Aug 31, 2016 (FY16) — the same quantum as FY15's.
For the full FY16, net profit grew 287% to RM30.2 million from RM7.8 million last year, though revenue was down 42% to RM103.9 million from RM178.8 million last year.
Its lower full year revenue was mainly because of a weaker contribution from the construction sector and property development.
Construction revenue fell 43% to RM77.1 million — mainly due to lesser construction activities from its Program Perumahan Rakyat (PPR) and road work in projects situated in the East Coast Economic Region (ECER).
Property development revenue declined 57% to RM16.41 million due to the completion of its Bukit Kayu@U10 Shah Alam project, and no new launches during the year.
The improved trading performance — revenue gained 89% to RM10.31 million -- were insufficient to offset the declines.
Going forward, Melati said its ongoing construction works, like the ones at ECER and the PPR would continue to contribute positively to the group despite a moderate economic outlook.
Melati Ehsan closed up two sen or 3.31% at 62.5 sen yesterday, valuing it at RM85.4 million. — theedgemarkets.com
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