Cypark Resources Q4 earnings jump 40.4% on better margin

PETALING JAYA: Cypark Resources Bhd's net profit jumped 40.4% to RM18.16 million in the fourth quarter ended Oct 31, 2017, from RM12.94 million in the previous corresponding quarter, mainly due to better margin generated from new projects.
Revenue for the quarter decreased 5.1% from RM67.6 million to RM64.18 million.
Cypark's full-year net profit increased 11.4% to RM57.6 million from RM51.7 million a year ago, while revenue grew 6.6% from RM282.93 million to RM301.68 million.
Cypark said the higher revenue was mainly attributed to the increase in income generated from the group's environment engineering division, adding the newly secured projects in this division also contributed to the higher profit in current financial year.
However, it noted that the significant increase in profit was partly offset by the requirement of the recognition of accounting expenses on the grant of equity-settled share options to employees of RM5.2 million for current financial year.
On its prospects, Cypark said the group expects its current business segments will continue to generate sustainable income in 2017 and the coming years.
"In our second phase of business transformation, we will continue to focus on our resources and explore opportunities in the respective segments both locally and regionally either by competitive bidding or proposals," it said.
The group's shares slipped 1 sen or 0.42% to close at RM2.37 with some 48,200 shares traded.