Kumpulan Powernet Bhd announced unaudited consolidated earnings results for the first quarter ended March 31, 2012. For the quarter, the company reported revenue was MYR 5,732,000 against MYR 2,919,000 a year ago. The higher revenue was attributable to higher contribution from laminated products. Operating profit from operations was MYR 918,000 against loss of MYR 1,399,000 a year ago. Profit before taxation was MYR 902,000 against loss of MYR 1,416,000 a year ago. Despite the lower revenue, the loss before taxation is lower mainly attributable to costs cutting measure to mitigate the impacts of slow down in Europe region. Profit attributable to owner of the parent was MYR 936,000 against loss of MYR 1,404,000 a year ago. Basic earnings per share were 1.66 sen against loss of 2.49 sen a year ago. Net cash from operating activities was MYR 1,382,000 against MYR 348,000 a year ago. Purchase of property, plant and equipment was MYR 20,000 against MYR 10,000 a year ago. The company expects the year 2012 to be very challenging for the group.