Posted by Jimmy Song > 2014-05-27 08:04 | Report Abuse

CENSOF DELIVERS RM4.3 MILLION PROFITS FOR THE 15-MONTHS PERIOD ENDED 31 MARCH 2014 PETALING JAYA, 26 MAY 2014 – Censof Holdings Berhad (“Censof” or the “Group”) today announced its results for its period ended 31 March 2014(“Q5FY2014”) with a revenue of RM30.3 million, a 70.7% increase compared to its previous quarter (“Q4FY2014”). The Group delivered a pre-tax profit (‘PBT’) of RM4.3 million, an increase of RM7.1 million compared to the RM2.9 million losses before tax reported in Q4FY2014. The Group has turned around from a net loss of RM3.0 million in Q4FY2014 to a net profit of about RM3.0 million for Q5FY2014, resulting in net earnings attributable to its shareholders (“PATMI”) of RM1.3 million. The Group has recently changed its financial year from 31 December 2013 to 31 March2014. In relation to the Group’s cumulative financial performance for the 15-months ended31 March 2014 (“FY2014”), Censof has reported a total revenue of RM80.1 million, an increase of 79.0% compared to its previous financial year (“FY2012”) of RM44.8 million. This significant increase was due to the five quarter accumulated results and also a substantial contribution from the Group’s 45.03% equity stake in Dagang Nexchange Berhad (previously known as Time Engineering Berhad), which the Group acquired in November 2013. However, due to the expenses related to the acquisition of Dagang Nexchange, compounded with the increased borrowing costs incurred during the period under review, the Group delivered a PAT of RM4.2 million, a decrease of 56% compared to FY2012. During the 15 month period ended 31 March 2014, the group issued 34.4 million new ordinary shares via a private placement raising RM17.3 million. In addition, the Group has also received shareholders’ approval for the issuance of Redeemable Convertible Notes (“RCN”) worth RM100 million. To date, they have only drawn down a total of RM7.5 million of the RCN. The funds rose from the private placement and the RCN were partly used to pare down the Group’s borrowings which were utilised for the acquisition of Dagang Nexchange. As at 31 March 2014, the Group’s net gearing is 0.6 times. “Despite our lower earnings for this period, we are confident that we can deliver significant growth in our bottom-line for the foreseeable future due to our healthy outstanding order book. We believe that our substantial stake in Dagang Nexchange will bear fruit and further contribute to our earnings. We are also continuously and proactively looking for opportunities both locally and regionally. In addition to replenishing our order book, we are also focusing on increasing our recurring maintenance income once our existing order book is completed.” commented Datuk Samsul Hj Husin, Group Managing Director. About Censof Holdings Bhd Incorporated in 1997 as a specialist for financial management solutions, Censof is today at the forefront of the industry in Malaysia and the global business arena. Together with our sister companies, the Censof Group of Companies has established presence in Malaysia, Indonesia and the United States, with financial management solutions, e-payment gateway services, training solutions and investment/asset management solutions. Our primary business operations include system design, development geared towards its implementation in installation, maintenance, and support; certified by the ISO 9001:2008 standards, established by a Bureau Veritas Certification.