Minetech Posts 58% Gain in 3Q Revenue to RM36 Million

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KUALA LUMPUR, Feb 23, 2023 - (ACN Newswire) - Minetech Resources Berhad, a civil engineering specialist and bituminous products manufacturer, today announced that the Company registered a 58.6% gain in revenue to RM36.3 million for the third quarter ended 31 December 2022 (3Q FY2023) compared with revenue of RM22.9 million in 3Q FY2022.

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Provider: 
ACN NewswireACN Newswire
Retrieved on: 
Thursday, February 23, 2023
Information
Tags: 
EBITDA, LBT, Food, Central Statistics Office (India), Engineering, Census and Statistics Department (Hong Kong), Growth, PBT, Cryptocurrency
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Organisation: 
MINETECH RESOURCES, MINETECH RESOURCES BHD
Stock Symbol: 
KualaLumpur:MINE
KualaLumpur:7219
KualaLumpur:MINETEC
Summary
Key Points: 
  • KUALA LUMPUR, Feb 23, 2023 - (ACN Newswire) - Minetech Resources Berhad, a civil engineering specialist and bituminous products manufacturer, today announced that the Company registered a 58.6% gain in revenue to RM36.3 million for the third quarter ended 31 December 2022 (3Q FY2023) compared with revenue of RM22.9 million in 3Q FY2022.
  • By segment, the civil engineering division registered a 41% rise in revenue to RM22.0 million in 3Q FY2023 compared with RM15.6 million in the corresponding quarter of the previous financial year.
  • The bituminous products division's revenue grew by a significant 150% to RM10.0 million compared with RM4.0 million while the services division recorded a 60% increase in revenue to RM3.2 million compared with RM2.0 million.
  • LBT narrowed significantly by 76.2% in 9M FY2023 to RM2.9 million compared with RM12.2 million in 9M FY2022.




Company's losses narrow significantly, and recorded its highest improvement of 166% EBITDA

KUALA LUMPUR, Feb 23, 2023 - (ACN Newswire) - Minetech Resources Berhad, a civil engineering specialist and bituminous products manufacturer, today announced that the Company registered a 58.6% gain in revenue to RM36.3 million for the third quarter ended 31 December 2022 (3Q FY2023) compared with revenue of RM22.9 million in 3Q FY2022.
Matt Chin, Executive Director of Minetech



For the quarter under review, the Company recorded profit before tax (PBT) of RM0.2 million compared with loss before tax (LBT) of RM3.1 million while EBITDA has recorded its highest improvement of 166% compared to 3Q FY2022.

By segment, the civil engineering division registered a 41% rise in revenue to RM22.0 million in 3Q FY2023 compared with RM15.6 million in the corresponding quarter of the previous financial year. The bituminous products division's revenue grew by a significant 150% to RM10.0 million compared with RM4.0 million while the services division recorded a 60% increase in revenue to RM3.2 million compared with RM2.0 million.

For the nine months ended 31 December 2022 (9M FY2023), the Company registered a 45.3% increase in revenue to RM87.3 million compared with RM60.1 million in the corresponding period of the previous financial year. LBT narrowed significantly by 76.2% in 9M FY2023 to RM2.9 million compared with RM12.2 million in 9M FY2022.

Matt Chin, Executive Director of Minetech, said, "The Company is on the right growth path as we continue to see our losses narrow on significantly higher revenue contributions from the civil engineering and bituminous products divisions. We are also seeing a recovery in the services division and the food and beverage division is starting to contribute too."

"Following our two-pronged strategic focus in 2020, the Company diversified into areas that can support financial performance while at the same time, transforming and rationalising the business. Our ventures now include financial technology and renewable energy, areas that have long-term growth and that can provide recurring income."

"The Company is cautiously optimistic for the coming quarters given that the Malaysian construction sector expanded 8.8% in 2022, with all subsectors registering growth according to data from the Statistics Department. Notably, there was 20.8% growth in the civil engineering subsector in 4Q while the non-residential buildings subsector expanded 19.0% and special trade activities subsector grew 12.7%."

Minetech Resources Bhd: 7219 [BURSA: MINE], https://minetech.com.my/

Source: Minetech Resources Bhd

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