Handal Resources Bhd Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Provides Earnings Guidance for the Year Ending December 31, 2013
For the year, the company reported revenue of MYR 97,580,000 against MYR 83,521,000 a year ago. Profit before taxation was MYR 4,164,000 against MYR 4,819,000 a year ago. Profit attributable to equity holders of the parent was MYR 3,017,000 or 1.89 sen per basic share against MYR 3,066,000 or 2.17 sen per basic share a year ago. Net cash used in operating activities was MYR 5,512,000 compared to MYR 3,046,000 a year ago. Purchase of property, plant and equipment was MYR 14,171,000 compared to MYR 15,257,000 a year ago. Profit after tax was MYR 2,933,000 compared to MYR 3,038,000 a year ago. This is mainly attributable to improved gross profit contributed by new integrated crane services contract secured by the Group. However, this is offset by higher administrative overhead incurred and provision for losses in certain projects during the year.
Barring unforeseen circumstances, the Group's performance in the new financial year is expected to improve.