KUALA LUMPUR, June 29 — Lingkaran Trans Kota Holdings Bhd's (Litrak) net profit for the financial year ended March 31, 2020 (FY20), increased to RM261.92 million from RM236.11 million recorded in the previous financial year.
Revenue however slipped to RM503.84 million from RM516.03 million previously, the group said in a filing to Bursa Malaysia today.
It said the lower revenue was attributable to lower traffic volume plying the Damansara-Puchong Expressway (LDP).
Despite the lower revenue, it said the better net profit were driven by lower maintenance expenses; lower finance cost; and share of higher profit in SPRINT group amounting to RM18.4 million in the current year to date as compared to RM1.5 million recorded in the preceding corresponding period.
“The increase in share of profit in SPRINT group is mainly due to higher recognition of revenue from accrual of government compensation receivable pursuant to the concession agreement’s scheduled toll rates increase for Penchala Link commencing on Jan 1, 2019.
“For the current financial year, the contribution of the aforesaid toll increase was for the full year whilst for the previous financial year, the contribution was only for the period of three months,” it added. — Bernama