KUALA LUMPUR (May 22): Perak Transit Bhd's first quarter net profit rose 6.39% to RM15.16 million, from RM14.25 million a year earlier, thanks to a strong showing by the group's integrated public transportation terminal operations on the back of a higher contribution of project facilitation fees and revenue sharing from logistic tenants.

Revenue for the quarter ended March 31, 2023 (1QFY2023) grew 7.82% to RM200.48 million from RM185.94 million previously, the group said in a bourse filing.

The group announced a second interim dividend of 0.75 sen per share, lower than the 0.8 sen dividend paid a year earlier.

Perak Transit executive director Datuk Cheong Peak Sooi said the group's continuous growth was due to its efforts in enhancing the earnings base through a diversified portfolio.

“With our third terminal, Bidor Sentral in Perak, expected to complete by end of 2023 and commence operations in 2024, we hope to continue delivering long term value to all our stakeholders by leveraging on our core expertise in terminal operations,” Cheong added.

Perak Transit also said that it is finalising the acquisition of electrical buses and the provision of electric vehicle charging stations.

Shares in Perak Transit closed down three sen or 2.7% to RM1.08 on Monday (May 22), giving the group a market capitalisation of RM793 million.