Perak Corporation Berhad
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.
Wisma Wan Mohamed, Jalan Panglima Bukit Gantang Wahab, 30000 Ipoh,
Tel: 605 - 242 7277 Fax: 605 - 242 7290
Review of performance 31 March 2012
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.
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).
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
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
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