KUALA LUMPUR (March 27): Cypark Resources Bhd (KL:CYPARK) remained in the black for a second consecutive quarter thanks to one-off gains.

Net profit of RM8.76 million for the three months ended Jan 31, 2025 (3QFY2025), compared to a net loss of RM28 million a year earlier, according to its bourse filing. The renewable energy company booked RM30.09 million in provision reversal and compensation from a settlement with its Negeri Sembilan waste-to-energy plant’s main contractor.

Revenue for the quarter, meanwhile, rose 10.7% year-on-year to RM39.7 million, boosted by its hybrid plant in Terengganu.

Looking ahead, Cypark said it will selectively pursue new ventures, targeting an 800 megawatt capacity by 2027. With its experience as the sole operator of a waste-to-energy plant, Cypark said it is optimistic about securing more projects both locally and regionally.

Cypark is also exploring partnerships with state-owned entities to broaden its market presence nationwide, while continuing to serve smaller projects, such as rooftop solar, hybrid solar, biogas and biomass solutions.

For its first nine months, the company’s net loss narrowed to RM7.04 million from RM26.9 million in the same period a year earlier, as revenue increased 9% to RM138.7 million.

Borrowings totalled RM1.6 billion, while cash and cash equivalents was RM178 million at the end of January.

No dividend was declared for the quarter under review.

On Thursday, Cypark’s shares closed down 1.5 sen or 2.1% to 71.5 sen, giving it a market capitalisation of RM588.3 million. Year-to-date, the stock has declined over 17%.