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Cypark's FY20 net profit falls to RM70.56 mln

KUALA LUMPUR, Dec 31 -- Cypark Resources Bhd's net profit decreased to RM70.56 million for the financial year ended Oct 31, 2020 (FY20), from RM91.28 million registered in the previous year.

Revenue declined 19.3 per cent to RM304.0 million, said the renewable energy and waste treatment company.

"The drop in revenue was attributed to the decrease in work activities due to compliance of the Movement Control Order (MCO) and Conditional MCO, which came in effect from March 18, 2020 to June 6, 2020, as well as the restriction imposed on work activities during the Recovery MCO, which continues to be in effect until the end of the 2020," it said in a filing with Bursa Malaysia today.

Despite the lower overall financial results for 2020, revenue for the green tech and renewable energy division for the fourth quarter increased by 11.6 per cent to RM65.8 million, compared to RM59.0 million in the previous financial year, Cypark said. 

"This was mainly contributed by the revenue recognised from the two new solar plants and new specialist projects secured within this division," it said.

Cypark group chief executive officer Datuk Daud Ahmad said that despite the decline in overall FY20 results, the company managed to persevere and minimise the challenges posed by the effects of the COVID-19 pandemic. 

"The cooperation and dedication shown by the whole Cypark team has also been the key in ensuring our sustainability and agility in facing the harsh economic conditions of 2020. 

"The results also validate our robust business strategy of focusing on the green and renewable sector. The COVID-19 pandemic has brought about drastic changes and dampened the market for 2020. Fortunately, 2020 was still a strong year for our renewable energy division," he said.

-- BERNAMA

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