KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
Prolintas Infra Business Trust, which manages four highway assets in the Klang Valley, reported a net profit of RM4.03 million for the second quarter ended June 30, 2024 (2QFY2024), a significant decrease from the RM14.64 million profit recorded a year earlier.
Key Highlights:
Earnings Decline: The drop in net profit was primarily due to finance costs amounting to RM34.6 million related to a facility with Bank Pembangunan Malaysia Bhd, and an income tax expense of RM7.9 million.
Revenue Growth: Despite the decline in profit, revenue more than doubled to RM79.33 million, up from RM34.34 million in 2QFY2023. This increase was mainly driven by higher traffic volumes, which boosted toll collections. Total toll collections for the quarter amounted to RM77.2 million.
Toll Collection Breakdown:
- Lingkaran-Lebuhraya Kajang (SILK): Contributed 45% of total toll collections (RM34.7 million).
- Guthrie Corridor Expressway (GCE): Contributed 30% (RM22.8 million).
- Lebuhraya Kemuning–Shah Alam (LKSA): Contributed 14% (RM10.8 million).
- Ampang–Kuala Lumpur Elevated Highway (AKLEH): Contributed 11% (RM8.9 million).
Interim Distribution: Prolintas Infra, which debuted on Bursa Malaysia in March 2024, declared its first interim distribution of 3.18 sen per unit, totaling RM35 million, to be paid on September 18.
First Half Performance: For the first six months of FY2024, Prolintas Infra posted a net profit of RM6.12 million, a reversal from a net loss of RM67.14 million in the same period the previous year. This turnaround was attributed to higher toll collections, increased profit from shariah placements, and lower operating expenses. Revenue for the first half rose to RM155.86 million from RM66.98 million.
Outlook: Prolintas Infra expressed confidence that its strong performance in the first half of FY2024 will continue into the second half. The trust remains on track to achieve its FY2024 target of RM70 million in total distribution, highlighting strong financial management and a commitment to creating long-term value.
Market Performance: On Monday, Prolintas Infra units gained 2.5 sen, or 2.7%, to close at 93.5 sen, giving the trust a market valuation of RM1.03 billion. However, the stock remains down 1.6% from its initial public offering price of 95 sen.
Outlook: Prolintas Infra's performance in 2QFY2024, though impacted by higher finance costs, shows strong revenue growth driven by increased toll collections. The trust’s positive outlook for the second half of FY2024, along with its commitment to achieving its distribution targets, suggests continued stability and potential growth.
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