KUALA LUMPUR: Minetech Resources Bhd registered a net profit of RM5.07 million for the fourth quarter (Q4) ended March 31, 2021 (FY21), from a net loss of RM20.80 million a year ago.
Revenue increased 89.5 per cent to RM40.87 million from RM21.57 million, which it netted over the same period last year.
The civil engineering division largely contributed to Minetech's revenue increase, accounting for 46.1 per cent or RM18.83 million of the total revenue.
This was largely derived from new projects, particularly from YTL electrified double-track (YEDT), YEDT 2, the Cheras-Kajang Expressway, and the Selinsing Gold Mine project, which saw an increase to RM6.5 million compared to RM6 million last year.
For the financial year 2021, Minetech registered a net profit of RM916,000 from a net loss of RM20.43 million last year, while its revenue rose 15.5 per cent to RM95.02 million from RM82.24 million previously.
Executive chairman Datuk Awang Daud Awang Putera said despite the global cataclysm, the movement control order and tight operational standard operating procedure (SOPs), the company was certain that infrastructure development projects would continue to progress.
Awang said Minetech was bullish that the upward trend will continue this year.
"We are expecting to achieve a better operating margin this year through various diversifications into technology and innovation, as well as via penetration into second-tier construction activities.
"The company is optimistic on the performance in future, especially with the rollout of vaccines to achieve herd immunity and the allocation of funds for large infrastructure projects such as the MRT 3 in Klang Valley," he said.