KUALA LUMPUR: Varia Bhd returned to the black in the third quarter of the financial year 2024 (3Q24) with a net profit of RM2.16 million, compared with a net loss of RM10.58 million a year ago, mainly contributed by the construction segment.
Revenue for the quarter surged to RM42.11 million from RM15.63 million previously, Varia said in a filing to Bursa Malaysia today.
The company registered an earnings per share of 0.52 sen compared to a loss per share 15.79 sen.
For the nine months ended Dec 31, 2023 (9MFY24), Varia registered a net profit of RM2.96 million against a net loss of RM15.32 million, while annual revenue rose to RM82.53 million from RM33.7 million previously.
According to Varia, the construction segment alone generated RM41.8 million in revenue and approximately RM9.0 million profit before tax.
For the property development segment, Varia had seen maiden revenue contribution from Taman Arowana Phase 1 project, amounting to RM0.3 million in the current quarter, while the management strategies are to align the construction progress with sales, which are expected to expedite in revenue contribution in the upcoming quarters.
Varia managing director Datuk Benson Lau said the performance followed the company's strategic transformation and successful acquisition of Pembinaan Teguh Maju Sdn Bhd.
He added that these achievements reflect not only the company's capability to execute significant projects but also its foresight in aligning with industry trends.
"With the addition of high-impact projects like the Rancangan Tebatan Banjir Sungai Klang, and the steady progress in our property development segment, we are poised for sustained growth.
"We remain optimistic about Varia's future, driven by our strategic initiatives and the potential for further success in the vibrant Malaysian economic landscape," he noted.