Sarawak-based company KKB Engineering Bhd’s net profit nearly doubled to RM13.5 million in its second quarter ended June 30, 2010 (2Q10) from RM7.8 million a year earlier as revenue rose 78% to RM62.9 million.
Basic earnings per share rose to 5.22 sen from 3.02 sen.
For its total six months ended June 30, 2010, KKB registered a net profit of RM32.5 million versus RM14 million a year earlier, a 132% jump. Its revenue surged 99% to RM130.4 million from RM65.6 million. It declared an interim dividend of five sen per share
In its announcement to Bursa Malaysia yesterday, KKB said the increase in revenue was due to an increased share of business from its engineering sector which accounted for 82% of revenue versus 29% a year earlier.
It added that the improvement in its results was also due to continuous efforts by management to ensure sound execution of projects and to effectively manage its operating costs.
KKB’s stock had hit its 52-week high of RM2.21 on May 14, 2010. Its 52-week low was at 65.6 sen on Aug 5, 2009. KKB’s stock ended the day four sen higher to RM1.89 yesterday. Its net assets per share as at June 30, 2010 stood at 78 sen.
This article appeared in The Edge Financial Daily, August 6, 2010.
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