Renewable energy player CYPARK (5184) CYPARK RESOURCES BHD sees 20% year-on-year rise in 4Q profit on lower finance costs, tax expenses

Renewable energy player CYPARK (5184)  CYPARK RESOURCES BHD sees 20% year-on-year rise in 4Q profit on lower finance costs, tax expenses

KUALA LUMPUR (Dec 30): Environmental solutions and renewable energy (RE) group Cypark Resources Bhd posted a net profit of RM25.72 million for its fourth quarter ended Oct 31, 2021 (4QFY21), up 20% from RM21.43 million in the same period last year, mainly due to savings achieved in finance costs and tax expenses.

The group's revenue for the quarter also improved by 6.4% to RM86.95 million from RM81.69 million, its bourse filing showed, amid continuous work progress from its large-scale solar (LSS) projects and specialist and consultancy work performed.

Earnings per share rose to 4.47 sen from 4.36 sen.

Compared with the immediate preceding quarter, 3QFY21, net profit jumped 54.24% from RM16.68 million, while revenue climbed 31.9% from RM65.92 million.

Following the latest quarterly results, Cypark closed its FY21 with a 6.7% increase in annual net profit to RM75.42 million from RM70.69 million in FY20, mainly on lower tax provision recognised, while revenue rose 3.7% to RM315.32 million from RM304 million.

Cypark noted that the healthy growth in demand for RE will augur well for its FY22 prospects as the Malaysian government has announced a slew of green policies, such as the Green Investment Tax Allowance and Green Income Tax Exemption for 2023, and a RM2 billion Green Technology Financing Scheme 3.0. It has also extended the Net Energy Metering 3.0 Scheme, to encourage RE uptake.

Cypark shares closed flat at 89.5 sen apiece, valuing the group at RM530.87 million.

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