Minetech Resources revenue jumped 74.6pc to RM16.81 million in Q1

April 2, 20190

KUALA LUMPUR: Minetech Resources Bhd’s (Minetech) revenue jumped 74.6 per cent to RM16.81 million for the first quarter (Q1) ended June 30, 2021 (FY22) from RM9.62 million recorded previously.

In a statement today, Minetech said this was primarily derived from its civil engineering business, which contributed 52 per cent or RM10.18 million to its total revenue during the quarter.

Revenue from its Selinsing Gold Mine project rose 22.9 per cent to RM4.31million compared to RM3.50 million over the same period last year, while its Cheras-Kajang Expressway project contributed RM2.50 million.

Minetech said the various movement restrictions in Malaysia had taken a toll on the company’s profit margin.

The company posted a net loss of RM4.43 million compared to a net profit of RM2.91 million recorded a year ago.

This included a one-off impairment loss on receivables that amounted to RM2.20 million for this quarter.

Executive chairman Datuk Dr Ts Awang Daud Awang Putera said Minetech might continue to face a challenging business landscape that could disrupt its operations.

“Fortunately, despite these challenges, we saw improved performance in both our construction and mining businesses, which recorded 10.4 per cent and 5.0 per cent growth respectively,” he said.

Wan said the company is optimistic that there will be continuous improvements in the company’s performance, given that the Malaysian economy is opening up.

“Large infrastructure projects, for instance, the MRT 3 will in some way benefit us too,” he said, adding that Minetech would continue to remain vigilant and strengthen its financial position by exploring strategic initiatives such as diversifying into the financial technology sectors.

Meanwhile, Minetech’s subsidiary, Uniqa (Malaysia) Sdn Bhd, would provide additional financial technology support to clients and partners who offer remittance services to South Asian markets of India, Bangladesh and Nepal.

It added that these activities are expected to generate RM144 million in annual sales with 10,000 new transactions every month.

“We are currently working with Bank Simpanan Nasional in expanding our remittance corridor to the Philippines, India, Bangladesh and Nepal.

“The provision of remittance corridor support services is a major milestone in our financial technology push. The request by clients for financial technology support to these countries reflects the belief and trust in our products and services,” he said.

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Contact Details

Minetech Resources Berhad
Office Headquarters

D-G-5, Block D, Parklane Commercial Hub
No. 21, Jalan SS7/26, Kelana Jaya
47301 Petaling Jaya, Selangor, MALAYSIA
Tel : +(603)7886 7848 | Fax: +(603)7886 3370

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