KUCHING: Bina Puri Holdings Bhd turned its financial performance around, recording a net profit of RM13.8 million in the third quarter ending March 31, 2024 (3Q24), compared to a net loss of RM20.7 million previously.
According to a news report in The Star, the turnaround follows 16 consecutive quarters of losses, primarily driven by challenges in its construction segment.
It said that the revenue for the period rose to RM49.6 million compared with RM31.4 million last year.
Bina Puri Holdings Bhd group managing director Kevin Chai Chan Tong said that after years of losses due to the lacklustre construction sector and the previous financial woes, the worst is over and the outlook for the industry appears much brighter, underpinned by the strong pipeline of jobs both in the public and private sector.
“We have successfully completed One Jesselton, Kota Kinabalu and 1Puri Commercial Centre, Kuching in the second half of the financial year 2024 and our focus remains on the completion of ongoing projects in a timely and efficient manner,” he said in a statement.
He also said Bina Puri is actively pursuing new business opportunities to achieve financial stability, replenish its order book, and restore its status as the construction and behemoth giant it once was.
“On a nine-month basis, Bina Puri has narrowed its net losses to RM14.9 million from RM60.8 million while revenue increased 39.9 per cent to RM136.62 million from RM97.6 million,” he said.
Meanwhile, Bina Puri attributed the improved performance primarily to the positive impact of the proposed scheme between its wholly-owned subsidiary, Bina Puri Sdn Bhd (BPSB), and its scheme creditors.
This scheme was approved by the High Court of Malaya on Jan 24, 2024, enabling the group to restructure its finances and revive its financial position.
Looking ahead, Chai anticipates satisfactory performance in the construction segment.
“The group will continue to exercise prudence in its business dealings and implement various measures to enhance operational efficiency, with the goal of achieving financial stability and sustainability across its businesses,” said Chai.
