By Surin Murugiah / theedgemarkets.com | January 3, 2017 : 9:28 AM MYT
KUALA LUMPUR (Jan 3): Cypark Resources Bhd shares gained 1.92% in early trade this morning after it posted a net profit of RM11.9 million in its fourth quarter ended Oct 31, 2016 (4QFY16), up 45% from RM8.19 million a year earlier, mainly due to income generated from its landfill operation, as well as its Ladang Tanah Merah project.
At 9.09am, Cypark added 4 sen to RM2.12 with 30,000 shares done.
Revenue in 4QFY16 increased by 21.3% to RM67.6 million versus RM55.74 million a year earlier, on an increase in work activities of Phase 2 of the environmental engineering project at Ladang Tanah Merah and also some newly secured projects during the quarter.
In FY16, Cypark's profit rose 16.5% to RM50.68 million, from RM43.52 million, due to additional tax provision required for non-tax-exempted projects in current financial year.
Revenue increased to RM282.93 million, from RM251.85 million in FY15.
Public's demand for a cleaner and greener solution for waste management and disposal facilities has generated opportunities for Cypark to implement its innovative waste-to-energy technology, the SMART-WTE, it said.
Cypark is currently constructing the SMART-WTE plant in Ladang Tanah Merah, Negeri Sembilan, Malaysia. This plant — which will be completed in 2017 and be the nation’s fiorst and largest state-of-the-art green waste-to-energy plant — will exclusively cater for most of the waste generated in the state of Negeri Sembilan for the next 25 years.
Based on its input capacity of 1,000 tonne per day and design capacity of 20MWh, the plant is expected to generate revenue of more than RM80 million per annum.