Posted by Jimmy Song > 2014-05-29 20:10 | Report Abuse

STRONG TRAJECTORY GROWTH FOR OCK GROUP WITH 41.3% PROFIT INCREASE PUCHONG, 29 MAY 2014 – OCK Group Berhad (“OCK” or the “Group”), one of Malaysia’s leading telecommunications network services provider announced its first quarter results for the financial year ending 2014 (“Q1FYE2014”), with revenue of RM 36.6 million representing a 19.4% increase in comparison to its corresponding quarter last year (“Q1FYE2013”) The Group recorded a profit after tax (“PAT”) RM3.4 million, of and profit before tax (“PBT”) of RM4.5 million, representing an increase of 41.3% and 39.7% increase respectively as compared to Q1FYE2013. Segmental Results The Group’s telecommunication network services segment and network facilities provider (“NFP”) segment reported a revenue of RM18.1million and RM3.1million respectively, the green energy and power solution segment reported a revenue of RM12.5 million, trading segment reported a revenue of RM1.5 million, M&E engineering services reported a revenue of RM1.1million. Commenting on the segmental results, Mr. Sam Ooi, Group Managing Director said, “We’re excited as our NFP revenue is now classified on its own. This segment is contributed from the rental revenue of our telecommunication towers. In addition, our green energy and power solution operations are also performing well in line with the Group’s expanding plans. The increase in profits of our green energy is largely due to the completion of our 10MWp solar farm construction works in Sepang.” “2013 kicked off our strategic expansion plans in extending our green energy services to solar power farms when we successful built our first 1MWp megawatt solar farm in Kelantan, which has been fully generated to the power grid. We foresee that our green energy segment will continue growing in the coming financial year moving forth.” Mr. Ooi further commented. Over the past year, OCK has seen an increase in demand in telecommunication sector in the regional countries. Capitalising on this market demand, the Group has been actively venturing into the regional countries such as Myanmar, Cambodia, and China. Most recently the Group has also announced it proposed acquisition of 85% equity interest in PT Putra Mulia Telecommunications in Indonesia for a purchase consideration of RM21.3 million. “With all the active regional activities going on, OCK still remains focus on strengthening our presence in the Malaysian market.” Mr Sam added. Corporate Exercises The Group announced a 20% private placement, which is expected to raise approximately RM71 million. The main portion of the proceeds will be utilised for the Group’s business expansion, followed by working capital, renovation cost of the new office and expenses for the proposed private placement. The Group is currently in preparations and submission for all documents to Securities Commission (“SC”) and Bursa Malaysia Securities Berhad (“Bursa Securities”) for their proposed transfer from the ACE Market to the Main Market of Bursa Securities. Along with the transfer to main market, the Group has also announced a proposed bonus issue on the basis of 1 bonus share for every 2 existing OCK shares held. “The Group is excited for the year ahead as we will have many new milestones installed for us. We will seek to raise funds from the private placement of up to 20%, which will be utilised mainly for the business expenditure. We are also thrilled that we have qualified for a transfer to the main market, we hope that this will enhance the Group’s recognition in the regional market.” Mr. Ooi added. For more information please visit www.ock.com.my