CYBERJAYA, 28 November 2018 – Technology and Talent Platform Innovator, Prestariang Berhad (“Prestariang” or the Group”) today announce its third quarter results (3QFY18) ended 30th September 2018.
Q318 vs Q317
For the reporting quarter, the Group registered higher revenue of RM52.7 million, RM4.2 million or 9% higher compared to RM48.5 million recorded in previous year corresponding quarter. The higher revenue was contributed by Software & Services and Employment services. SKIN recorded lower revenue recognition compared to the second quarter due to slower-than-expected progress on the work done.
During the quarter, the Company and its wholly-owned subsidiary, Prestariang Systems Sdn. Bhd. received Notice of Additional Assessment from Inland Revenue Board for the year assessment 2013-2016 amounting to RM5.3 million arising from the difference in interpretation under the MSC qualifying activities. The Group has fully taken-up this amount, together with the penalty of RM2.3 million in the quarter under review. As a result, the Group recorded lower Profit Before Tax (PBT) of RM2.1 million, RM6.3 million lower than corresponding quarter of last year of RM8.4 million.
For the Year-to-Date (YTD) comparison, the Group performance is on track
The Group’s revenue for YTD18 was RM181.4 million, higher by RM33.8 million or 23% compared to RM147.6 million in YTD17. The YTD revenue was higher than last year mainly due to higher revenue contribution by SKIN project.
The Group’s PBT recorded for YTD18 was RM2.6 million or 13% higher than last year mainly due to the flow through of higher Concession revenue which mitigated higher opex in Software & Services and Education. The Group’s current and last year’s PBT was RM22.1 million and RM19.5 million, respectively.
Prestariang remain positive on its current business activities
Moving forward Prestariang will focus on the execution of its transformation plan. With all the projects in hand, the Group is expected to perform better in financial year 2018.