Minetech Records 32% Increase in Revenue for 2Q ACN Newswire

Minetech Records 32% Increase in Revenue for 2Q

November 24, 2022
KUALA LUMPUR, Nov 24, 2022 - (ACN Newswire via SEAPRWire.com) - Civil engineering specialist and bituminous products manufacturer Minetech Resources Berhad today reported that the Company recorded a 31.9% rise in revenue to RM26.9 million for the second quarter ended 30 September 2022 (2Q FY2023) compared with RM20.4 million in the corresponding quarter of the last financial year (2Q FY2022).Matt Chin, Executive Director of MinetechThe Company registered a loss before tax (LBT) of RM1.5 million for the quarter under review compared with LBT of RM4.7 million in 2Q FY2022.On a segmental basis, the civil engineering division recorded a 8.1% rise in revenue to RM16.1 million in 2Q FY2023 compared with RM14.9 million in 2Q FY2022. The manufacturing division, which produces bituminous products for pipe coating, waterproofing and sealing, posted a 166.7% increase in revenue to RM7.2 million compared with RM2.7 million in the same quarter of the previous financial year.For the first-half of the financial year ended 30 September 2023 (1H FY2023), Minetech registered a 36.9% increase in revenue to RM50.9 million compared with RM37.2 million in 1H FY2022. The Company recorded LBT of RM3.1 million in the period under review compared with RM9.1 million in 1H FY2022.Matt Chin, Executive Director of Minetech, said, "We continue to see our financial performance improve with narrower losses on higher revenue contribution from the civil engineering division's Selinsing Gold Mine due to increase in work volume as well as from the Cheras-Kajang Highway, Wangsa Brezza Hill and GM Emerald Square.""We have seen a significant increase in revenue contribution from the manufacturing division mainly due to the rise in sales of coating enamel and blown asphalt products as a result of improved demand from both domestic and overseas markets.""While economic growth is on a stronger footing based on Malaysia's third-quarter GDP figures, we note the increased risks of a slowdown in 2023 as global uncertainties stemming from the Russia-Ukraine conflict, China's slowdown and inflationary pressure continue to weigh on sentiments. We continue to emphasise various cost-control measures and cash conservation and at the same time exploring opportunities that have seen us venturing into technology and innovation and penetrating into second-tier construction activities. These initiatives have helped us weather the storm and continue to create value for shareholders and other stakeholders."Minetech Resources Berhad: 7219 [BURSA: MINE], https://minetech.com.my/ Copyright 2022 ACN Newswire. All rights reserved. (via SEAPRWire)
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WIKA Books Sales of Rp7.18 Trillion in Q2-2022 ACN Newswire

WIKA Books Sales of Rp7.18 Trillion in Q2-2022

September 2, 2022
JAKARTA, Sep 2, 2022 - (ACN Newswire via SEAPRWire.com) - PT WIJAYA KARYA (Persero) Tbk. [IDX: WIKA] successfully booked a gross profit of Rp627.24 billion in Q2-2022 or 14.8% higher on a year-on-year basis (YoY) as recorded in the financial statement for the period ended on 30 June 2022. This figure was supported by the Company's sales of Rp7.18 trillion or 6.2% higher YoY.WIKA's President Director, Agung Budi Waskito (Agung BW) said the improvement in sales performance was enabled by a 2% increase in infrastructure and building sector, 9.8% increase in industry sector, and 167.6% increase in realty & property sector YoY. Most of the revenue in realty & property sector was contributed by the hotel business as a result of the State-owned Enterprises or BUMN hotel holding process by WIKA's subsidiary, WIKA Realty.As at July, WIKA has secured new contracts worth Rp14.67 trillion. The largest contributors were the infrastructure and building sector of 58.4% and the industry sector of 22.7%. The high number of new contracts in these sectors is also due to the strategic infrastructure development program that is being promoted by the Indonesian Government to face the G20.PT WIJAYA KARYA (Persero) Tbk. [IDX: WIKA]Contact:Mahendra VijayaSekretaris PerusahaanEmail: mahendra.v@wikamail.id Website: https://www.wika.co.id/ Copyright 2022 ACN Newswire. All rights reserved. (via SEAPRWire)
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Mitsubishi Heavy Industries Achieves 22% YoY Increase in Order Intake and 52% YoY Increase in Net Profit in a Challenging First Quarter JCN Newswire

Mitsubishi Heavy Industries Achieves 22% YoY Increase in Order Intake and 52% YoY Increase in Net Profit in a Challenging First Quarter

August 5, 2022
TOKYO, Aug 5, 2022 - (JCN Newswire via SEAPRWire.com) - Mitsubishi Heavy Industries (TSE Code: 7011) announced that order intake rose 22.3% year-over-year to YEN917.8 billion in the quarter ended June 30, 2022. Revenue rose 2.3% to YEN871.3 billion year-over-year, resulting in business profit(1) of YEN14.9 billion, a 30.4% decrease from the previous fiscal year, which represents a profit margin of 1.7%. Net profit was YEN19.1 billion, an increase of 51.7% year-over-year, with a profit margin of 2.2%. EBITDA was YEN47.2 billion, a 12.2% decrease from FY2021, with a profit margin of 5.4%, down 0.9 percentage points year-over-year.Highlights:- Order intake, revenue, and net profit all exceeded Q1 FY2021 results, continuing upward trend from FY2020.- Contracts executed for five large frame Gas Turbine Combined Cycle (GTCC) units in Americas, EMEA, and Asia. Strong order growth in Metals Machinery as capital expenditures by steelmakers in Asia and Americas increased.- Materials cost inflation and supply chain disruptions continued, particularly affecting Logistics, Thermal & Drive Systems segment. Price optimizations underway to mitigate these effects in second half FY2022.- Charges booked in Energy Systems, including downsizing of European coal-fired thermal power business as capacity adjusted to match long-term objectives in region.- Fixed cost reductions and strategic asset sales progressing in accordance with 2021 Medium-Term Business Plan.CFO Message:"MHI is proud to have achieved strong orders in all segments in the first quarter of this fiscal year," Hisato Kozawa, Member of the Board, Executive Vice President, and Chief Financial Officer of MHI commented. "Considering the mid- to long-term market outlook in the EMEA region, we began reducing the scale of operations in our European coal-fired thermal power business and booked some charges associated with these actions. In parallel, MHI is looking to increase our presence in EMEA through the Energy Transition by offering decarbonization solutions as well as core technologies including hydrogen utilization and CO2 Capture, Utilization, and Storage (CCUS)."Mr. Kozawa continued, "Despite securing YEN19.1 billion in net profit, the business environment remains challenging. In the first quarter, materials and logistics cost inflation and supply chain disruptions, including the lockdowns in China, continued to impact our businesses for longer than initially projected. As concerns of recession in North America and Europe mount, we will strive to improve profitability through various measures such as price optimization and further fixed cost reductions in the second half of the fiscal year."(1) Profit before finance income, finance expenses, and income taxesFor more informaton, visit www.mhi.com/news/22080501.html. Copyright 2022 JCN Newswire. All rights reserved. (via SEAPRWire)
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