Taliworks earnings in Q3 nearly double

PETALING JAYA: Infrastructure company Taliworks Corp Bhd’s net profit in the third quarter ended Sep 30, 2016 (Q3FY16) almost doubled to RM19.5 million, from RM10.8 million in the corresponding period last year.
Revenue grew 13.6% to RM83.8 million from RM73.7 million in the previous corresponding quarter.
In a statement yesterday, Taliworks said the higher profit was mainly due to higher metered sales from its water business, toll compensation (Cheras-Kajang Highway) from the government due to a delay in toll increase, higher income derived from management fees and unrealised foreign exchange gain.
For the nine months period, its net profit almost tripled to RM95.5 million, from RM35.3 million a year ago, while revenue was up 8.2% to RM235.8 from RM217.9 million previously.
Accordingly, the group’s basic earnings per share rose to 1.61 sen, from 0.98 sen in the same period last year.
In a filing with Bursa Malaysia yesterday, the group said it expects the Sungai Selangor Water Treatment Works Phase 1 operation, which is the main contributor to the group, to continue to run production above its design capacity of 950 million litres per day due to continuous increase in demand for treated water in the Klang Valley.
The group has declared a third single-tier dividend of 2 sen per share on 1.21 billion ordinary shares of 20 sen each, amounting to about RM24.2 million. To date, total dividend declared for the financial year ending Dec 31, 2016 is RM72.6 million.