Posted by Jimmy Song > 2014-08-29 09:35 | Report Abuse

OCK GROUP ANNOUNCED Q2FYE2014 OCK GROUP DELIVERS 30% INCREASE IN REVENUE PUCHONG, 28 August 2014 – OCK Group Berhad (“OCK” or the “Group”), one of Malaysia’s leading telecommunications network services provider announced its second quarter results for the financial year ending 2014 (“Q2FYE2014”), with a revenue of RM43.4 million representing a 30.35% increase in comparison to its corresponding quarter last year (“Q2FYE2013”). The Group recorded a profit before tax (“PBT”) of RM4.6 million, representing an increase of 10.68% as compared to its corresponding quarter FYE2013. The profit margin for this quarter has shrink slightly to 8% as compared to its preceding quarter due to higher staff cost, as more projects are being deployed this year. In respect to the Groups’ 1st half result for FYE 2014, the Group delivered a revenue of RM80 million representing a 25.13% increase in comparison to its corresponding period FYE2013. The Group also recorded a PAT of RM6.8 million as compared to corresponding period FYE2013 of RM5.5 million. Segmental Revenue The Group’s two core businesses, telecommunication network services segment and network facilities provider (“NFP”) and green energy and power solution (“GEPS”) segment delivered revenue of RM26.5 million and RM11.1 million respectively, an improvement of close to 29% growth in top line as compared to its corresponding quarter. The main increase in GEPS segment was due to recurring income from it solar farm in Kelantan and also the completion of the 10MW solar farm in Sepang which was completed. The trading and M&E engineering services segment delivered steady revenue of RM5.8 million. Corporate Exercise In June this year, the Group completed a private placement, issuing a total of 56,980,000 new shares at RM1.30 per share that raised a total gross proceed of RM74.1 million. The contribution of the proceeds has brought the Group into a net cash position of RM21.6 million for further capital expenditure. The proposed 85% acquisition of PT Putra Mulia Telecommunications; in Indonesia for a total purchase consideration of RM21.3 million is currently pending approval from shareholders during the upcoming Extraordinary General Meeting. “The Telco market is usually more active in the 2nd half of the year according to historical financial numbers, thus, we are pleased that our two core revenue streams have shown resilience through the first half of the year. We are confident that with our current healthy financial position, we will be able to win more projects in the coming months.” Commented by Mr. Sam Ooi, Group Managing Director. “With the completion of our Indonesian acquisition, we believe the division will contribute positively to our group earnings going forward.” He added.