Saturday, February 26, 2011

Bursa Malaysia: PLUS 4Q net profit up 7% to RM337.8m

KUALA LUMPUR: PLUS EXPRESSWAYS BHD [] net profit for the fourth quarter ended Dec 31, 2010 rose 7% to RM337.8 million from RM315 million a year earlier, driven by increase in toll collection from higher traffic volume growth during festive and year-end school holidays.

PLUS said on Friday, Feb 25 that revenue for the quarter however, dipped 5.61% to RM805.89 million from RM853.83 million in 2009.'' The RM805.85 million included a fair value adjustment on toll compensation revenue for the year.

Excluding the fair value adjustment amount of RM113.2 million, total revenue for the quarter would be RM919.1 million, translating to RM65.3 million or 7.6% higher than in 4Q2009.

Earnings per share were 6.76 sen, while net assets per share was RM1.24.

For the financial year ended Dec 31, PLUS net profit rose to RM1.31 billion from RM1.19 billion a year earlier, mainly due to higher revenue mitigated by higher finance costs of RM164.3 million, higher amortization of concession assets by RM20.7 million as well as impact arising from adoption of new/revised FRS.

The full year revenue rose to RM3.35 billion from RM3.18 billion in 2009. For the twelve months ended Dec 31, PLUS generated cash from operating activities of RM2.25 billion, with cash and cash equivalents of RM3.48 billion.

On its prospects, PLUS said that in line with the country's growing economic activities which led to the increase in domestic travelling, as well as rapid development along the expressway corridor, all its domestic expressways registered healthy year-on-year traffic growth with PLUS at 7.7%, Elite 11.4%, Linkedua 21.5% and KLBK 9.2%.

Moving forward, it said traffic volume for these local expressways companies was expected to continue to grow albeit on a slower trend due to a variety of factors including capacity limitation, increase in fuel prices, development of alternative or competing roads and alternative transportation modes.

'The group continues to intensify efforts in improving operational efficiencies and enhancing service level, whilst simultaneously optimising its operating costs , for both local and overseas businesses.

'Apart from that, the board remains positive on the group's expansion plan and continues to explore any value-accretive investment opportunities,' it said.

Source: The Edge, 25 Feb 2011

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