Posted by Jimmy Song > 2014-02-27 09:12 | Report Abuse

CENSOF MAINTAINS STRONG TOP LINE PERFORMANCE DELIVERS A 13.6% INCREASE YEAR ON YEAR PETALING JAYA, 26 FEBRUARY 2014 – Censof Holdings Berhad (‘Censof’ or the ‘Group’) announces the Group’s results for its financial quarter ended 31 December 2013 with revenue of RM17.72 million, a substantial increase of 132% compared to the preceding quarter ended 30 September 2013. This was mainly due to the higher billings to the Government sector. However, despite an increase in the Group’s topline, Censof reported a net loss after taxation of RM3.05 million for the quarter under review. The main factor for the negative bottom line for the quarter under review was primarily due to once-off expenses relating to the Group’s acquisition of 45.03% equity stake in Time Engineering Berhad. This deal was successfully completed on 27 November 2013. “We have achieved a significant milestone with our substantial equity stake in Time Engineering Berhad. We strongly believe that the acquisition will generate significant synergies for both Censof and Time Engineering which we are confident will materialise and contribute to our earnings growth in the future.” commented Datuk Samsul Husin Group Managing Director for Censof Holdings Berhad. In terms of the Group’s financial performance for the twelve (12) months ended 31 December 2013, Censof delivered revenue of RM50.85 million, a 13.6% increase compared to the preceding 12 months period of RM44.77 million. This favourable increase was attributed to the recognition of revenue from the Perkeso project and increased billings recognized during the financial period. However, due to the acquisition costs relating to the Time Engineering deal at the tail end of the financial period under review, the Group reported a lower bottom line compared to the preceding 12 months. The Group had announced a change of their financial year end to 31 March.