KUALA LUMPUR (May 22): Taliworks Corp Bhd's net profit fell 4.96% to RM10.06 million for the first quarter ended March 31, 2023 (1QFY2023), from RM10.58 million a year ago. Earnings per share dropped to 0.5 sen from 0.53 sen.

The public utilities group attributed this to a higher share of losses reported by its associates, higher depreciation and amortisation expenses, and lower other operating income, primarily from the fair value measurement on its investments.

Quarterly revenue rose 24.97% year-on-year to RM93.53 million from RM74.85 million, on the back of higher revenue from operating subsidiaries including contribution from the renewables segment which was acquired in 2QFY2022.

On a quarter-on-quarter basis, Taliwork’s net profit declined 52.1% from RM21 million in 4QFY2022, while revenue grew 8.94% from RM85.86 million.

Taliworks declared a first interim dividend of 1.65 sen per share, amounting to RM33.3 million, to be paid on June 30.

Taliworks executive director Datuk Ronnie Lim Yew Boon said the group is looking forward to leverage on its resources to improve and grow, moving forward.

“We will continue to invest in research and development and seek expansion opportunities in mature operational cash-generating utilities and infrastructure businesses.

“We will also focus on expanding our global reach, exploring new markets and partnerships that enable us to deliver value,” he said in a statement.

Shares of Taliworks finished 1.5 sen or 1.78% lower at 83 sen on Monday (May 22), giving the group a market capitalisation of RM1.66 billion.