Destini 3Q Profit Up As Revenue More Than Doubles
KUALA LUMPUR (Nov 2): Destini Bhd reported a 66% rise in third quarter net profit from a year earlier as the aviation maintenance, repair and operations (MRO) specialist’s revenue jumped 130%.
Lower taxes and minority interest also supported profit growth.
In a statement to Bursa Malaysia today, Destini said net profit rose to RM7.11 million in the third quarter ended September 30, 2015 (3QFY15) from RM4.28 million.
Revenue increased to RM90.34 million from RM39.2 million.
Cumulative 9MFY15 net profit climbed to RM11.55 million from RM8.66 million a year earlier. Revenue was higher at RM179.2 million versus RM105.08 million.
“The improvement in financial performance is mainly attributed to the increase in demand for the group’s MRO services and marine-manufacturing services.
“The directors expect the group’s operating environment to remain challenging and competitive. Barring unforeseen circumstances, the board foresees the group’s operational results for the financial year 2015 will be satisfactory,” Destini said.
In a separate statement, Destini managing director Datuk Rozabil Abdul Rahman said the group’s marine-manufacturing division was seen driving the company’s financials.
Rozabil said Destini’s newly-acquired unit Destini Shipbuilding and Engineering Sdn Bhd had clinched an order book of some RM400 million. He said Destini had secured the projects from the Malaysian Maritime Enforcement Agency and Bangladesh’s Dockyard and Engineering
“On our foray into the commercial MRO aviation sector, we have invested into a facility in Bukit Jelutong with our joint venture partner UK-based Avia Technique Ltd to undertake component MRO services.