Puncak Niaga Holdings Bhd Q3 pre-tax loss widens to RM12.4 million

Puncak Niaga Holdings Bhd Q3 pre-tax loss widens to RM12.4 million

KUALA LUMPUR, Nov 24 — Puncak Niaga Holdings Bhd has incurred a higher pre-tax loss of RM12.41 million for the third quarter ended Sept 30, 2015 from a pre-tax loss of RM6.91 million in the same period last year.

In a filing to Bursa Malaysia today, Puncak Niaga said its revenue decreased to RM46.25 million from RM193.216 million previously.

The decrease in revenue in the current quarter was mainly due to lower revenue contribution from the oil and gas (O&G) segment as a result of the downturn in the sector.

Puncak Niaga said the group would continue to be involved in the construction of water-related and sewerage facilities.

“The group’s current major projects include the capacity upgrading of the Bayong water treatment plant in Sarikei and the supply, jointing and laying of pipelines and the construction of three water reservoirs and booster stations in Pakan, both in Sarawak.

“The group is also undertaking several ongoing construction tenders related to the water and environmental sectors in Malaysia,” it added.

Despite the downturn in the O&G sector, the group hopes to secure projects for its transportation and installation operations of offshore facilities under the ongoing Pan Malaysia Package B contract with Petronas from 2014 to 2016.

On prospects, Puncak Niaga said following the sale of its water assets, the group was looking to continuously expand its operations in areas related to its core businesses and core competencies both locally and abroad.

It is also exploring opportunities in new business sectors such as oil palm plantation and property development sectors.