KUALA LUMPUR (June 20): Binastra Corp Bhd (KL:BNASTRA), formerly known as Comintel Corp Bhd, achieved a record high quarterly net profit of RM18.1 million, or four sen per share, for the three months ended April 30, 2024 (1QFY2025).

The group posted a quarterly net profit of RM5.73 million, or 1.5 sen per share a year ago, according to its bourse filing.

The sharp rise in earnings was mainly driven by better contributions from its construction unit Binastra Builders Sdn Bhd (BBSB), a wholly owned unit of the group.

Quarterly revenue jumped to RM179.6 million from RM59.29 million in 1QFY2024, underpinned by higher construction activities and the commencement of two new projects.

No dividend was declared for the quarter under review.

On a quarter-on-quarter basis, net profit grew 17.5% from RM15.4 million, while revenue increased 15.6% from RM155.4 million.

As of April 30, Binastra said BBSB secured two letters of award worth RM381.1 million for piling and pile cap works, as well as main building and infrastructure works.

The group has 17 ongoing construction projects, with an outstanding order book of approximately RM1.6 billion, providing earnings visibility over the next four financial years.

Going forward, Binastra stated that it will continue to closely monitor its business environment, and conduct periodic assessments to ensure prudent financial management and efficient operating procedures for sustainable growth.

Additionally, the group will actively seek new contracts to replenish and expand its construction order book, aiming to sustain future earnings.

Shares in Binastra dropped three sen to RM1.25, giving the group a market capitalisation of RM1.36 billion.