PETALING JAYA, July 3 (BERNAMA): Integrated renewable energy power producer Cypark Resources Bhd posted a 25% higher net profit of RM7.8mil for the second quarter of its financial year ending Oct 31, 2012, while revenue increased 6.5% to RM43.6mil.
Its pre-tax profit surged 33% during the period to RM10.1mil from RM7.6mil.
For its first half, pre-tax profit improved 17% to RM18.9mil from RM16.2mil, while revenue rose 3% to RM85.8mil from RM83.2mil previously.
Cypark group chief executive officer Daud Ahmad said: “With our Pajam solar park generating and exporting energy to the national grid and three more solar parks about to ‘go live’ in the next quarter, the renewable energy business is expected to contribute significantly.
“The group believes that with the various initiatives being implemented by the Malaysian Government in promoting green energy, our plans for our future growth, augur well for Cypark Resources.”
Daud also said the concession agreement fpr the newly approved integrated waste management plant was currently being finalised and expected to be signed soon.
The plant, which includes waste to energy facility through public private-partnership scheme, is expected to boost the group’s earnings and financial position over the next 25 years.
“Based on the renewable energy industry outlook, locally and globally… and barring any unforeseen circumstances, we believe that the business and performance of the group is expected to remain positive and strong,” Daud said.
Cypark is primarily an environmental technology and engineering specialist focusing on integrated renewable energy, waste management and environmental remediation.