Kronologi Asia's Q1 net profit rises 48.8%

PETALING JAYA: Data solutions provider Kronologi Asia Bhd saw its net profit increase 48.8% to RM2.04 million in the first quarter (Q1) ended March 31, 2017, from RM1.37 million in the same quarter last year, on the back of a higher revenue and contributions from a recently acquired subsidiary in India.
Revenue jumped 78.1% to RM25.2 million, compared with RM14.1 million previously.
Apart from higher revenue, the group also recognised RM0.4 million of deferred tax assets arising from temporary difference on unutilised capital allowance during the quarter, according to its filing with the stock exchange.
Barring unforeseen circumstances, the group said it expects the financial performance of the financial year ending Dec 31, 2017 (FY17) to be better than that of FY16.