KUALA LUMPUR (Nov 19): Perak Transit Bhd (KL:PTRANS), whose shares have come under pressure recently, reported a 12.1% increase in net profit for the third quarter ended Sept 30, 2025 (3QFY2025).

Quarterly net profit rose to RM19.86 million from RM17.71 million a year earlier, mainly due to the absence of private placement fees and related expenses tied to the Sukuk Wakalah Programme, the company said in its bourse filing.

The stronger bottom line was also aided by a sharp reduction in general and administrative expenses, which fell to RM2.22 million from RM6.09 million a year ago.

Revenue, however, declined 5.7% to RM49.09 million from RM52.08 million, dragged down by lower contributions from integrated public transportation terminal operations.

Despite the higher net profit, Perak Transit declared a lower dividend of 0.25 sen per share, down from half a sen a year earlier. The dividend is payable on Feb 13, 2026.

This brings year-to-date dividends to 1.25 sen, compared with 1.75 sen previously.

For the nine-month period, net profit rose 12.1% to RM59.5 million from RM53.08 million, while revenue edged up 1.8% to RM146.58 million from RM143.95 million.

The group said the improved performance was driven by higher contributions from its integrated public transportation terminal operations, notably the commencement of Bidor Sentral, alongside increased rental income and revenue-sharing contributions from tenants.

On cash flow, Perak Transit recorded a net increase of RM390,000 for 9MFY2025, sharply lower than RM220.3 million a year earlier. The variance was mainly due to a RM300 million sukuk drawdown in 2024, alongside higher repayments in 9MFY2025 — including RM43.5 million for sukuk (versus RM32 million in 9MFY2024), RM6.42 million for revolving credit (RM3 million previously) and higher finance costs of RM29 million (RM20.67 million).

Net cash from operating activities, after working capital adjustments, fell to RM59.72 million from RM80.50 million a year ago. Capital expenditure, however, declined significantly to RM31.4 million from RM77.8 million in 9MFY2024.

Looking ahead, the group said it is advancing a smart mobility initiative to modernise the public transportation ecosystem and support smart city development. Key components include smart terminals, smart buses, smart bus stops and the PTRANS SuperApp.

“These initiatives are expected to enhance efficiency, support sustainable development and contribute positively to the group’s future performance,” it said, adding that it remains optimistic its transformation efforts and growth strategies will underpin future expansion.

On Oct 22, Perak Transit shares plunged 47.24% to 33.5 sen from 63.5 sen — hitting the limit down in a single day — following heavy disposals by founder and largest shareholder Datuk Seri Cheong Kong Fitt.

In an interview with The Edge on Oct 27, group executive director Datuk Cheong Peak Sooi stressed that the sharp decline had no impact on operations. “It is business as usual. The company has been paying quarterly dividends since 2021,” he said.

The stock recovered slightly in subsequent sessions, buoyed by news on Oct 28 that private equity firm Censuria Capital Sdn Bhd had taken a strategic stake in the company.

However, the relief proved short-lived as the shares continued to slide, touching a low of 25.5 sen on the following day.

Company filings show continued disposals by Cheong, whose stake has now fallen below 10%. His direct interest has shrunk to 4.37%, while his indirect stake stands at 4.58%, compared with 16.1% and 7.3% respectively in March.

Meanwhile, Censuria has yet to cross the 5% threshold that would trigger a substantial shareholding disclosure on Bursa Malaysia.

Having shed 62% of its value since the start of the year, Perak Transit’s share price closed at 28.5 sen on Wednesday, valuing the company at RM343.21 million.