KUCHING: Pansar Bhd has delivered improved group net profit of RM8.25 million in second quarter ended September 30, 2024 (2Q2024) from RM6.37 million a year ago despite recording lower revenue of RM263.4 million against RM282.3 million previously.
Earnings per share improved to 1.63 sen from 1.37 sen.
On a six-month basis in 2024 (6m2024), Pansar group net profit rose to RM15.14 million (6m2023: RM13.26 million) although group revenue fell to RM507.8 million (RM551.6 million).
In 6m2024, the construction & infrastructure segment generated revenue of RM211.4 million, followed by the marine & industrial segment which recorded sales of RM113.6 million. The building & construction materials segment registered revenue of RM83.3 million, mechanical & electrical segment RM39.8 million, electrical & air conditions segment RM25.2 million, agro engineering segment RM19.5 million and heavy equipment segment RM15.1 million..
The construction & infrastructure segment saw its revenue fell by 9.7 per cent to RM211.4 million (6m2023: RM234.2 million) primarily due to slow site progress on a key project. This resulted in the segment operation profit to drop by 3.2 per cent to RM5.8 million (RM6 million), Pansar said in explanatory notes to its financials.
The marine & industrial segment reported impressive results, with its revenue jumped 40.3 per cent to RM113.6 million in 6m2024, driven mainly by higher sales of marine engines. The revenue growth pushed the segment operating profit to RM17.4 million (RM14.9 million) or up by 16.7 per cent.
On the other hand, the building & construction materials segment delivered poor financials as evidenced by a 33.2 per cent drop in revenue to RM39.1 million (RM58.5 million) but its operating profit fell only marginally by 1.1 per cent to RM3.2 million, thanks to a reversal on impairment losses on trade receivables.
The electrical & air conditioning segment performed better, with its revenue climbed by 32.7 per cent to RM25.2 million on higher sales of largely M&E ancillary products, air conditioners and lighting products. In line with increased sales revenue, the segment operating period surged by 14.5 per cent to RM1.7 million despite higher impairment losses on trade receivables and operating expenses.
The agro engineering segment did not perform well as its operating profit shrank by 6.7 per cent to RM0.5 million in line with drop in revenue by 12.5 per cent to RM10.3 million (RM11.7 million).
The heavy equipment segment reported higher operating profit of RM1.3 million (RM0.9 million) or an increase of 41.2 per cent as revenue soared by 95.9 per cent to RM9.4 million (RM4.8 million).
As compared to the immediate preceding quarter (1Q2024), Pansar reported stronger earnings in 2Q2024 as pre-tax profit climbed to RM11.3 million (1Q2024: RM9.1 million) on revenue growth to RM263.4 million (RM244.4 million).
“The improvement was bolstered by higher contributions from mechanical & electrical, and construction & infrastructure segment driven by higher value of work done and improved margins,” the company said.
