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Perak Corporation Berhad

 

Perak Corporation Berhad is engaged in property and investment holding, real property development and provision of management services.

The Company operates in three segments: infrastructure, which is engaged in maritime services in respect of the development of an integrated privatized project and encompassing operations of multi-purpose port facilities, operation and maintenance of a bulk terminal, sales and rental of port related land and other ancillary activities; township development, which is engaged in the township development of real property and ancillary services, and management services and others, which is engaged in provision of management services and other business segments which include property investment and distribution, none of which are of a sufficient size to be reported separately.

 

On November 26, 2010, Taipan Merit Sdn. Bhd, a wholly owned subsidiary of it acquired 6.65% interest of Main Market of Bursa Malaysia Securities Berhad.

Contact Information

2nd Floor Wisma Wan Mohamed, Jalan Panglima Bukit Gantang Wahab, 30000 Ipoh, Perak, Malaysia.
Tel: 605 - 242 7277   Fax: 605 - 242 7290

 

Review of performance 31 March 2012

The Group Revenue for the current quarter of RM22.1 million decreased by 5% compared with RM23.4 million recorded in the corresponding period last year. This was due to lower revenue for the infrastructure and management segments whereas the township segment recorded increased revenue. However the profit before tax increased by 13% due to higher margins from the township segment.

Infrastructure
 
The infrastructure segment remained the Group’s main source of revenue and profit before tax for the current quarter contributing 77% (31/3/11: 79%) and 73% (31/3/11: 99%) respectively.
 
Its revenue comprise mainly of revenue from port operations for the provision of port facilities and ancillary services at Lumut Maritime Terminal (LMT) and contractual revenue under the operation and maintenance of Lekir Bulk Terminal ("LBT") besides the revenue from sales and rental of LMT port related industrial land. For the period under review, there was no revenue arising from land sales whereas revenue of RM17.1 million (31/3/11 : RM18.5 million) decreased by 7.2% mainly as a result of lower cargo throughput of 19.4% from LMT. There was an overall drop in throughput of cargo type and by industry sector of LMT. Although cargo throughput at LBT increased by 12.2%, this was not sufficient to cushion the drop in profit contribution from LMT. This consequently resulted in an overall drop in profit before tax of 16.4% of RM7.6 million (31/3/11: RM9.0 million).

Township development

This segment provided revenue and profit before tax of 20% (31/3/11 : 15%) and 28% (31/3/11:12%) respectively to the Group for the quarter under review.
 
This segment revenue derives mainly from sales of development land, profits from property development joint ventures and other ancillary services. For the period under review, the revenue increased by 26% to RM4.5 million (31/3/11:RM3.6 million) which was contributed by land sales : 36%, property development joint venture profit : 58% and the balance from ancillary services. This resulted in higher margins to achieve RM2.9 million (31/3/11 : RM1.1 million) profit before tax.

Management services and others

This segment contributed minimal revenue from rental income without any revenue from sale of land for the period under review. This resulted in a small loss before tax as the interest income was not able to cover the operational expenses which was mainly interest on margin loan financing without any dividends received by one of the subsidiary included in this segment.


 

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