CabNet Holdings Bhd, an Extra Low Voltage (ELV), Structured Cabling and IT Service Provider, announced its financial results for the second quarter ended 30 June 2017 (Q2FY17) posting RM10.58 million in revenue, a slight decrease of 8.04% as compared to RM11.50 million recorded in the preceding quarter ended 31 March 2017 (Q1FY17).
The Company’s revenue was derived from the provision of building management solutions, which mainly comprises ELV systems and structured cabling works.
Consequently, the Pre-Tax profit before non-controlling interests was recorded at RM778,000, a significant decline of 56.73% from RM1.80 million recorded in Q1FY17, mainly due to lower revenue and increase in listing expenses charged for the current quarter, which amounted to RM792,000.
Independent Non-Executive Chairman, Datuk Tan Kok Hong @ Tan Yi expressed, “Upon our successfully listing on the ACE Market of Bursa Malaysia, we will continue to focus our business strategies for future growth, which involves increasing and strengthening our market presence in Johor while pursuing more opportunities for more projects outside Johor. Nevertheless, we will continue to strengthen our ELV systems segment with the introduction of our integrated security solutions software, known as CabNet Integrated Security Solutions, as well as to offer video monitoring solutions in collaboration with NetPosa Technologies (Hong Kong) Limited.”
Tan further added, “Our existing and potential order books from our current sales pipeline remains positive. We are looking forward to these projects contributing positively to our top line in the near future.”
As at 19 August 2017, the gross proceeds arising from the Public Issue of RM11.76 million have been utilised in the following manner:
* The balance of RM591,000 will be utilised to fulfil general working capital requirements of the Group.
In addition, the Company is pleased to announce the declaration and approval of the interim dividend for the current financial period of 0.5 sen per share under a single-tier system. Details of the interim dividend is as follows: