KUALA LUMPUR, Nov 29 — Lingkaran Trans Kota Holdings Bhd’s (Litrak) net profit rebounded to RM81.19 million in the second quarter ended September 30, 2022 from RM37.48 million a year ago as the economic reopening and the lifting of movement control orders put more vehicles on its tolled highways.
Revenue increased to RM128.11 million from RM77.54 million previously, mainly due to higher tollable traffic volume as Malaysia transitioned to the endemic phase of Covid-19 from April 1, 2022.
“The group registered lower tollable traffic volume last year mainly attributable to the impact of the imposition of Full Movement Control Order (FMCO) and enhanced movement control order(EMCO) by the government due to the surge in the number of new Covid-19 cases,” the group said in a filing to Bursa Malaysia today.
On its current year prospects, the company noted that the disposals of the Litrak and Sprint highways were completed on October 13, 2022 and the company currently does not have any core business other than being an investment holding company.
“Accordingly, the company has become a cash company as defined under Practice Note 16 of the Main Market listing requirements,” it said.
Under such circumstances, Litrak said the company has a period of 12 months from the date it receives the notice from Bursa Malaysia to regularise its condition. — Bernama
