KUCHING: Newly listed Hartanah Kenyalang Bhd has slipped into the red, with group net loss of RM1.7 million in third quarter ended July 31, 2025 (3Q2025) on revenue of RM25.6 million. Losses per share stood at 0.27sen.
The Sarawak-based building and infrastructure construction company, which made its debt on Bursa Malaysia ACE Market on June 9, 2025, derived revenue of RM14.75 million (58%) from building construction services segment and RM10.87 million from infrastructure construction services segment.
“The revenue attributable to building construction services segment mainly consists of revenue recognised from the State Archive project, Yayasan International School Sibu project, Yayasan International School Kuching project, Sekolah Daif Tambay project and Sekolah Daif Tebedu project,” Hartana Kenyalang said in explanatory notes to its financial results.
The group reported pre-tax loss of RM1.7 million mainly due to higher administrative and operating expenses of RM3.9 million, which consisted of staff costs, directors’ remuneration, bank commission for performance guarantee, and listing expenses related to the company’s initial public offerings (IPO).
By excluding the one-off listing expenses of RM1.3 million, the adjusted pre-tax loss for the current quarter under review would have been RM0.4 million.
In the immediate preceding quarter (2Q2025), Hartana Kenyalang delivered better results with group pre-tax profit of RM1.99 million (3Q2025:- RM1.74 million) on higher revenue of RM30.1 million (RM25.6 million).
The company attributed the lower revenue in 3Q2025 to the completion of the Tambay school project in April, Yayasan International School Sibu project in June and the near completion of the Tebedu school project.
On a nine-month basis to July 31, 2025, Hartana Kenyalang posted group net profit of RM1.52 million on revenue of RM100.5 million.
Going forward, Hartana Kenyalang said the group’s future plans include to further grow its building and infrastructure construction activities in Sarawak, and to secure design and build projects from prospective clients.
The group believes that its prospects are favourable in view of the positive outlook of the Sarawak’s construction industry, its competitive strength and its business strategies and future plans.
On the RM19.34 million raised from the recent IPO, Hartana Kenyalang said about RM10.82 million had been used up. The utilisation included RM5.18 million for project working capital (out of allocation of RM10.49 million), RM1.86 million for repayment of borrowings (RM2.1 million) and RM3.75 million to defray the fees and expenses related to the company’s listing exercise. The un-utilised proceeds stood at about RM8.53 million.
The group’s total borrowings as at July 31,2025 was RM16.11 million, down from RM18.36 million as at October 31,2024.
In a separate development, Employees Provident Fund Board (EPF) had acquired additional 6,018,100 shares in Press Metal Aluminium Holdings Bhd on September 24, and also disposed 1,681,300 shares of the Southeast Asia’s largest integrated aluminium smelter on the same day. The pension fund held about 569.7 million (6.914%) Press Metal shares on September 24.
Press Metal’s share price has continued its uptrend, closing RM5.91 on Monday after hitting 52-week high of RM5.88 (low:RM4.14) last week. Most stockbroking firms are upbeat on the performance of the company, with target prices ranging from RM6.10 to RM6.60.
