KUALA LUMPUR (Aug 21): Glostrext Bhd announced a net profit of RM2.3 million for the first financial quarter ended June 30 (1QFY2024), a year-on-year increase of 57.5% against RM1.46 million in 1QFY2023.

The geotechnical instrumentation service provider’s quarterly revenue expanded to RM8.84 million in the quarter under review from RM6.42 million a year ago. Earnings per share grew to 0.57 sen from 0.48 sen previously, the company’s filing with Bursa Malaysia showed

Glostrext alternate director Lee Ming Jean attributed the strong performance to a higher number of service engagements from the provision of pile instrumentation and static load test services in the April-June period.

“This growth is further bolstered by projects involving our WiNA platform-based automated maintained load test system (WiNA-aMLT) in Singapore, aligning closely with the group’s expansion strategy,” said Lee in a statement.

Currently, Singapore stands as the company’s largest revenue contributor in the quarter under review, contributing RM6.99 million, compared with Malaysia’s RM1.86 million, the filing showed.

“Despite challenging economic conditions, we remain optimistic about our future financial performance, anticipating continued demand growth for our services,” Lee stated.

Glostrext was listed in August last year at an initial public offer price of 19 sen per share. The company’s share price closed at 23.5 sen on Wednesday, giving it a market capitalisation of RM96 million.

Uploaded by Magessan Varatharaja