Vivocom 1Q results exceed analyst estimates by 76 per cent at RM141 million in 1Q16

PETALING JAYA: Vivocom Intl Holdings Bhd (Vivocom) quarterly revenue surged to RM141.54 million with profit before taxation soaring to RM33.29 million for the first three months of 2016.

Announcing its financial quarter ended March 31, 2016 to Bursa Malaysia, Vivocom’s net profit came in at RM19.87 million after accounting for taxation and minority interest.

This represents a 2,053 per cent giant of a jump from the RM923,000 posted in the previous corresponding period when it was still known as Instacom Group Bhd.

Vivocom’s net profit of RM19.87 million means that the group has exceeded analysts’ at CIMB Investment Bank Bhd’s estimates by 75.8 per cent, it highlighted.

This huge jump in revenue and profits was attributed to Vivocom’s construction division which posted PBT of RM30.01 million of the back of RM125.81 million in revenue.

Vivocom executive director Choo Seng Choon remarked: “Whilst we are delighted with our solid 1Q financial performance, we remain committed to working harder and delivering better and stronger results in the quarters to come.

“We will not rest on our laurels and the management team have all pledged to walk the extra mile to secure more projects in the foreseeable future and to ensure that our projects are delivered promptly and on time and to the highest standards possible for our clients.”

Coo said its board of directors is confident and optimistic of the Company’s future outlook, and is looking at various ways to rewards its loyal shareholders.

“Amongst the various options the BOD is considering is possibly a bonus share issue or a free warrants issue. Once finalised, they will be announced in due course,” he added.

In the past fortnight, Vivocom announced that it has won two projects in Perak amounting to RM250 million. To date, Vivocom has secured projects totaling more than RM1.36 billion. The Group’s construction pipeline has also swelled to about RM3 billion in contracts at the finalisation stage.

 

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