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Prestariang's 1Q net profit doubles thanks to SKIN project
16 May 2018
Syahirah Syed Jaafar
The Edge Markets

KUALA LUMPUR (May 15): Prestariang Bhd’s net profit doubled to RM6.51 million for the first quarter ended March 31, 2018 (1QFY18), from RM3.22 million in the previous corresponding period.

The sharp jump was attributed to contribution from the group’s technology division, in particular the concession revenue recorded from the Sistem Kawalan Imigresen Nasional (SKIN) project.

Revenue swelled 66% to RM72.75 million from RM43.89 million a year ago. This brought earnings per share to 1.35 sen per share from 0.66 sen per share in 1QFY17.

Prestariang, whose share price has tumbled nearly 33% after the general election, declared a single interim dividend of 0.5 sen per share for the financial year ending Dec 31, 2018, payable on July 4.

“The revenue recognition for SKIN is based on the stages of completion at the end of the reporting period. The quarterly revenue also saw strong contributions from its software & services division of which business remains solid,” the group said in a statement today.

SKIN contributed 36.7% of revenue for the quarter under review while Software Licensing and Distribution contributed the majority of 57.5%. The remaining revenue contributions were derived from Training & Certification and University business, it said.

Coupled with all current projects in hands scheduled for execution, the group is expected to perform better in FY18.

“Moving forward, Prestariang is confident on the execution of Prestariang 5.0 transformation plan, which has placed the group well in the forefront to drive sustainable growth and profitability in a climate of change,” it said.

Meanwhile in a separate Bursa filing, Prestariang said it was in the midst of negotiating the terms and conditions for the Memorandum of Understanding (MoU) entered into with Prestariang and Perbadanan Tabung Pendidikan Tinggi Nasional on March 8.

As for the MoU signed with Alibaba Cloud and Conversant, Prestariang said the parties are currently engaging to finalise the partner reseller agreement and business plan for the education market.

Prestariang has fallen victim to the selldown on companies that have e-government contracts under their belts. Its share price tumbled from RM1.65 to a low of RM1.11, with market capitalisation of RM255.6 million wiped out in two trading days.



Source : http://www.theedgemarkets.com/article/prestariangs-1q-net-profit-doubles-thanks-skin-project

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