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IT segment boosts ARB’s Q3 earnings by 44 times

04 Nov 2019 / 14:25 H.

PETALING JAYA: ARB Bhd’s net profit for the third quarter ended Sept 30, 2019 jumped over 44 times to RM8.29 million from RM186,000 a year ago, mainly thanks to the information technology (IT) segment.

The group’s revenue also rose eight times to RM33.94 million compared with RM3.80 million.

For the nine-month period, ARB’s saw a net profit of RM21.98 million versus a net loss of RM734,000 a year ago, while revenue rose almost seven times to RM57.65 million from RM8.34 million.

ARB said the main revenue contribution from the timber segment is temporarily ceased during the quarter and is expected to resume in December 2019.

For the IT segment, the group’s wholly-owned subsidiary ARB Development Sdn Bhd secured a US$20 million (RM83 million) contract with an overseas client in the third quarter of 2019.

“The group believes that there would be more potential and interested clients to be engaged in the future.”

At the noon break, ARB’s share price rose 2 sen to 39 sen on 12.85 million shares done.

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