KUALA LUMPUR (Dec 16): Renewable energy group Cypark Resources Bhd (KL:CYPARK) reported a swing to a net loss of RM15.54 million in its second quarter, compared to a net profit of RM2.28 million a year ago.
Excluding a one-off item that boosted last year's earnings, the group's net loss for the latest quarter widened from an adjusted net loss of RM8.9 million for the three months ended Oct 31, 2024 (2QFY2025), as lower construction contributions weighed on results, Cypark's bourse filing on Tuesday showed.
The decline was partially cushioned by stronger electricity sales and waste-to-energy (WTE) income, as well as stable revenue recognition from existing brownfield solar assets, the group noted.
Revenue dropped to RM46.19 million from RM49.15 million. No dividend was declared for the quarter under review.
Moving forward, Cypark said it has improved earnings visibility following the award of the large scale solar 5 plus (LSS5+) project and the progression of the SMART WTE Phase 2 expansion into its final approval stage.
“With close to 400 megawatt-peak of operational renewable capacity across solar, WTE and biogas, Cypark is well positioned to capitalise on opportunities arising from Malaysia’s accelerating energy transition and circular-economy agenda,” it said.
Cypark added that its RM3.5 billion tender book — spanning engineering, procurement, construction and commissioning (EPCC) works for LSS projects, battery energy storage systems, WTE facilities and other infrastructure opportunities — underpins potential contract conversion of about RM2.2 billion over the next 12 to 24 months.
“These developments validate the group’s capital-light strategy, where an increasing EPCC contribution supports faster cash conversion and near-term earnings uplift, alongside recurring income from owned assets,” Cypark said.
For the first six months ended Oct 31, 2025 (1HFY2026), Cypark’s net loss more than doubled to RM34.13 million from RM15.79 million a year earlier, while revenue dropped 11% to RM87.85 million from RM98.97 million.
The drop was mainly due to the completion of one of its projects, Hospital Rawang, which had contributed significantly in the previous year.
The impact was partly mitigated by improved performance from the WTE segment following revised tariff rates and higher daily generation, as well as continued contributions from the LSS3 solar plant in Terengganu, which achieved commercial operation in June 2024.
Shares in Cypark settled one sen or 1.43% lower at 69 sen on Tuesday, giving the group a market capitalisation of RM567.75 million. Year to date, the stock has declined by nearly 20%.