KUALA LUMPUR (Aug 11): ACE Market-bound Glostrext Bhd posted a net profit of RM1.46 million, on the back of RM6.43 million in revenue, for the first quarter ended June 30, 2023 (1QFY2024).
In a bourse filing on Friday (Aug 11), the geotechnical instrumentation service provider said earnings per share for the quarter stood at 0.48 sen.
No comparative figures were available for the preceding year's corresponding quarter and period, as it was the first interim financial report announced by the company.
In a separate statement, Glostrext managing director Dr Lee Sieng Kai said the company’s revenue for 1QFY2024 came mainly from its pile instrumentation and static load test services segment, which accounted for RM5.37 million or 83.5% of the top line, as well as the structural and ground instrumentation and monitoring services segment, which contributed RM940,000 or 14.6%.
He said that by geographical location, Singapore remained as the company’s largest revenue contributor for its geotechnical instrumentation service offerings, contributing RM4.60 million, followed by RM1.81 million from Malaysia, and RM20,000 from Cambodia.
"An increase in public and private spending on infrastructure development in the region is expected to drive the growth of the geotechnical instrumentation and monitoring market.
“We are on track to achieve our internal revenue and profit targets for FY2024,” said Lee.
Looking ahead, Lee said Glostrext will focus on promoting its off-site structural and ground instrumentation and monitoring services using the WiNA platform in Singapore, as it sees opportunities in providing real-time monitoring data in line with technological advancement.
Currently, the company’s pile instrumentation and static load test services are mainly provided to customers in Malaysia and Singapore, while its structural and ground instrumentation and monitoring services are mainly provided to customers in Malaysia.
Glostrext is expected to list on the ACE Market of Bursa Malaysia on Aug 15.
M&A Securities Sdn Bhd is the adviser, sponsor, underwriter and placement agent for the initial public offering exercise.