Puncak Niaga narrows loss in second quarter

PETALING JAYA: Puncak Niaga Holdings Bhd narrowed its losses to RM4.3 million for the second quarter ended June 30, 2018 on a boost in construction contracts, sale of fresh fruit bunches (FFB) and its concession business.
The group posted a net loss of RM30.4 million for the quarter ended June 30, 2017.
The better performance was on a 48% jump in revenue to RM57 million, compared with RM29.6 million for the same quarter in 2017.
For the six month period ended June 30, 2018 the group registered a net loss of RM18 million, compared with a net loss of RM73.1 million for the same period in 2017.
Revenue for the period was up 42% to RM86.5 million, compared with RM50 million.
The group in a filing with Bursa Malaysia Securities said it is continuously looking to expand its operations in areas related to its core businesses and competencies in the water and wastewater, sewerage, environmental engineering and construction, both locally and abroad.
Puncak Niaga believes its oil palm plantation venture has the ability to generate a steady flow and recurring source of income which will contribute positively to the group’s earnings in the long term.
On the construction segment, the group will continue to be involved in water and wastewater infrastructure-related projects, with a focus on completing the Bunus Project as any further delay will expose the group to the risk of additional overhead cost. The group will be investing in more project resources such as machineries to increase site productivity.