[PINTARAS JAYA BHD，建筑业务的近期前景难以预测，房地产开发商不愿意颁发项目]
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The Group recorded a revenue and PBT of RM30.3 million and RM10.7 million in 3Q2018, representing a decrease of 42% and 2% respectively compared to 3Q2017. The decline was attributable mainly to lower contribution from both the construction and manufacturing divisions over the preceding comparative financial quarter.
The construction division recorded a lower revenue of RM22.2 million in 3Q2018 compared to RM44.2 million in the same quarter last financial year. PBT fell by 10% to RM6.8 million from RM7.5 million. The decline in the current financial quarter results compared to 3Q2017 was mainly due to decreased volume of construction works as a result of fewer projects secured and slow start of its new projects.
The manufacturing division recorded a revenue and PBT of RM8.1 million and RM1.2 million in 3Q2018, representing a decrease of 3% and 22% respectively compared to the same quarter last financial year. The decline in current financial quarter results compared to 3Q2017 was mainly due to lower sales volume and higher tinplate costs.
For the financial period ended 31 March 2018, the Group achieved a revenue of RM73.8 million against previous corresponding period of RM172.1 million representing a decrease of 57%. This was mainly due to the 66% drop in construction revenue which recorded an amount of only about RM50.6 million.
The Group recorded PBT of RM17.1 million for the current financial period under review. This represents a decrease of RM24.5 million or 59% from the PBT of RM41.6 million registered in the corresponding period of the preceding year. The decline was in line with the drop in revenue coupled with lower investment income.
The construction division recorded a lower revenue of RM50.6 million compared to RM148.8 million last financial year. Consequently, PBT reduced by 72% to RM8.5 million from RM30.5 million last financial year. The decline in revenue and profit were mainly due to greatly reduced construction activities and generally lower rates for newly secured contracts.
Sales from manufacturing division has reduced marginally by 1% to RM23.2 million in 3Q2018 as compared to RM23.3 million in the same financial quarter last year. However, PBT was 39% lower at RM2.4 million compared to RM3.9 million in 3Q2017. The significant decrease in profit despite a slight drop in revenue was mainly due to higher material costs and increased operating expenditure. The average inventory cost for tin plate increased sharply by 33% compared to the same period last year.
With the election of the New Government and the likely changes to government fiscal policies, the immediate future of their construction business is difficult to predict. Prior to and post Elections they experienced a reluctance of property developers to award projects and consequently this has negatively impacted their replenishment of contracts. Their current outstanding orderbook of about RM110 million will see them through in the next few months but it is critical for them to have job wins to improve on their low utilisation of their construction capacity.
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