KUALA LUMPUR (Aug 19): Prolintas Infra Business Trust (KL:PLINTAS), comprising four highway assets in the Klang Valley, posted a net profit of RM4.03 million for the second quarter ended June 30, 2024 (2QFY2024), down from RM14.64 million a year earlier.

The decline in earnings was due to finance costs of RM34.6 million related to a facility with Bank Pembangunan Malaysia Bhd, as well as an income tax expense of RM7.9 million, said the first locally-listed business trust.

Revenue more than doubled to RM79.33 million from RM34.34 million in 2QFY2023, mainly driven by increased traffic volume that boosted toll collections, the trust said in a filing to the exchange on Monday.

The trust recorded total toll collections of RM77.2 million. Lingkaran-Lebuhraya Kajang (SILK) contributed the most, accounting for 45% of the total (RM34.7 million), followed by Guthrie Corridor Expressway (GCE) at 30% (RM22.8 million). Lebuhraya Kemuning–Shah Alam (LKSA) contributed 14% (RM10.8 million), and the Ampang–Kuala Lumpur Elevated Highway (AKLEH) made up the remaining 11% (RM8.9 million).

The trust, which debuted on Bursa Malaysia in March this year, declared its first interim distribution of 3.18 sen per unit, totalling RM35 million, payable on Sept 18.

For the first six months of FY2024, the trust recorded a net profit of RM6.12 million, reversing a net loss of RM67.14 million in the same period of the previous year. 

This improvement was driven by higher toll collections, increased profit from shariah placements, and lower operating expenses, said Prolintas Infra.  

Half-year revenue rose to RM155.86 million from RM66.98 million previously.

In a statement, Prolintas Infra expressed confidence that the strong performance in the first half of FY2024 will continue in the second half.

“We remain on track to achieve our FY2024 target of RM70 million in total distribution. This achievement underscores our strong financial management and commitment to creating long-term value,” it added.

Prolintas Infra units gained 2.5 sen or 2.7% to 93.5 sen on Monday, valuing it at RM1.03 billion. The counter is down 1.6% compared  to its initial public offering price of 95 sen.