PETALING JAYA: Cypark Resources Bhd’s net profit came in lower at RM21.3mil for the fourth quarter of its financial year (FY) ended Oct 31,2020, (Q4’20) compared with RM38.9mil in the corresponding period last year on lower revenue. During the quarter in review, the renewable energy (RE) and construction engineering company posted revenue of RM81.7mil, compared with RM99.7mil previously. Its earnings per share (EPS) fell to 4.58 sen from 8.44 sen. In its exchange filing, Cypark said it recorded higher revenue and profit in Q4’19 because of the recognition of additional revenue and profit upon the adoption of Malaysian Financial Reporting Standard (MFRS) 15 in Q4’19, which recorded the full year financial effect and adjustment in that particular quarter. “The decreases in revenue and profit in current quarter were also contributed by the decrease in work activities due to the total suspension of work activities from March 18 to June 9 as a result of complying with the movement control order (MCO) and conditional MCO (CMCO) and the restriction imposed on work activities during recovery MCO which continues to be effective until end of the year, ” it explained. For the full year, Cypark’s net profit stood at RM70.6mil, compared with RM91.3mil in FY19, while revenue declined to RM304mil from RM376.7mil previously. Its EPS fell to 15.16 sen in FY20 from 19.82 sen in FY19. Cypark remained confident of its long-term prospects given the growth of RE. “Globally and locally, the demand for RE is expected to continue to grow stronger year on year, and will one day exceed the growth of fossil-based energy, ” it said, citing the International Energy Agency (EIA) 2019 report. According to the report, solar and wind-based energy will make up 50% of new world energy. RE is expected to contribute up to 30% of all energy generation in 2040 from the 8.5% recorded in 2017. Solar energy growth has shown a 17.5% growth as compared to 2018. “Although the impact of Covid-19 pandemic is expected to slow the progress of energy investment for 2020, the long term push to tackle climate change issue and move towards environmental friendly energy resources, would still put RE fundamentals very solid for the future, ” Cypark said. “This was also shown in Malaysia where the Government recently announced a tender for 1,000- megawatt-alternating-current Large Scale Solar 4 project to be implemented by end 2020, ” it added. Cypark said the key success factors for the company could be attributed to three underlying factors namely more attractive government policies on RE, continued development of more affordable and efficient green technology globally, and dynamic market mechanism.
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