Sunday 25 Feb 2024
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KUALA LUMPUR (Dec 31): Shares of Cypark Resources rose 5.8% this morning after the group reported that its net profit for the fourth quarter ended Oct 31, 2019 (4QFY19) grew 23% year-on-year (y-o-y).

At 9:52am, Cypark Resources' share price rose 7 sen to RM1.45 with some 660,000 shares traded, valuing it at RM645.07 million.

In a filing yesterday, the company reported its net profit for 4QFY19 rose 23% to RM38.87 million from RM31.53 million, due to the adoption of Malaysian Financial Reporting Standards 15 (MFRS 15) and a higher margin yielded from the environmental engineering and green technology and renewable energy divisions.

Revenue for the quarter also increased 5% y-o-y to RM99.7 million from RM94.59 million.

For the cumulative 12-month period, Cypark's net profit rose 12% to RM91.28 million from RM81.75 million a year earlier, while revenue climbed 7% to RM376.74 million from RM352.82 million.

"We are totally pleased with the achievement of strong 2019 results, maintaining our continued success as it will further augment Cypark's leadership in environmental and renewable energy business segments in Malaysia," said Cypark executive chairman Tan Sri Razali Ismail.

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