KUALA LUMPUR, Nov 29 — OSK Holdings Bhd’s net profit for the third quarter ended Sept 30, 2022 (Q3 FY2022) rose to RM113.37 million, a 42 per cent increase, from RM79.89 million in the corresponding quarter last year.
Revenue for the quarter under review also grew by 58 per cent to RM347.07 million from RM219.36 million previously.
In a filing with Bursa Malaysia today, the company said during the quarter, all business segments showed improved performance led by the property segment and financial services division.
“The hotels and resorts division under the hospitality segment also rebounded to report a pre-tax profit position compared to a loss position in previous years,” it said.
The company said that the property development division’s Q3 FY2022 pre-tax profit improved by 90 per cent to RM41.6 million versus a year ago due to high take-up rate and construction progress of ongoing projects such as Shorea Park, YouCity III, Bandar Puteri Jaya and Iringan Bayu.
“The property investment division recorded a RM7.5 million revenue for the quarter as the occupancy rate stabilised across its investment properties. The division returned to a pre-tax profit of RM0.6 million due to better debtors management which resulted in write back of provision for doubtful debts during the quarter under review,” it said.
For the construction segment, the company said that RM30.2 million in revenue and RM0.1 million pre-tax profit in Q3 2022 were achieved versus RM11.4 million in revenue and RM0.5 million pre-tax loss in Q3 2021.
On another note, OSK Holdings said the industries segment’s pre-tax profit surged more than three-fold to RM2.4 million in Q3 2022 from RM0.7 million last year, due to stronger sales from both cables and industrial building system (IBS) divisions as the factories were fully operational during the current quarter under review.
For the hospitality segment, the hotels and resorts division rebounded on the back of four times improvement in revenue, owing to significant improvement in the occupancy and room rates across all its hotels, the company said.
Additionally, the capital financing division’s pre-tax profit for Q3 2022 improved by six per cent to RM15.3 million versus RM14.4 million a year ago due to higher interest or profit income derived from the increased loan portfolio during the quarter.
The company said the investment holding division contributed a pre-tax profit of RM70.5 million in Q3 2022, up 19 per cent from a year ago, primarily due to RHB Group’s RM69.3 million contribution.
Barring any unforeseen circumstances and based on the assessment of its respective businesses, it is confident to deliver satisfactory results for the rest of 2022. — Bernama
