KUALA LUMPUR: Cypark Resources Bhd's net profit dropped 45.2 per cent in the fourth quarter (Q4) ended October 31, 2020 to RM21.3 million from RM38.87 million recorded in the same quarter a year ago.
Cypark said this was due to compliance to the Movement Control Order (MCO) and Conditional MCO, which took effect in March 18 till June 6, and restrictions imposed on work activities during the recovery MCO that continued to be in effect until the end of 2020.
Its revenue in the same quarter eased 18.1 per cent to RM81.69 million from RM99.69 million.
For the 12-month period, Cypark's net profit decreased 22.7 per cent to RM70.56 million from RM91.28 million, while revenue was 19.3 per cent lower at RM304 million from RM376.74 million.
Cypark group chief executive officer Datuk Daud Ahmad said despite the decline in overall financial year 2020 results compared to last year, the group had managed to persevere and strategically responded and minimised the challenges posed by the effect of the Covid-19 pandemic.
"This results also validate our robust business strategy of focusing on green and renewable sector. The Covid-19 pandemic has brought about drastic changes and dampened the market for 2020.
"Fortunately, 2020 was still a strong year for our renewable energy division," he said in a statement yesterday.
The company expects 2021 to be a strong recovery year with contributions from large-scale solar 2 (LSS2) engineering, procurement, construction and commissioning (EPCC) projects which were delayed this year due to the MCO.
"As for Cypark's 170 MWp (megawatt peak) LSS3 project in Merchang, Terengganu, it will commence construction in January 2021 and expected to be completed by the end of 2021," he said.