PETALING JAYA, MALAYSIA / ACCESS Newswire / February 27, 2025 / Bintai Kinden Corporation Berhad ("BKCB" or the "Company"; Bursa: BINTAI, 6998), a mechanical and electrical ("M&E") engineering services specialist, medical device manufacturer and facilities operator, has announced its financial results for the third quarter ended 31 December 2024 ("Q3 FY2025"), alongside the successful conclusion of its Extraordinary General Meeting ("EGM"), where shareholders approved key resolutions to support the Company's regularisation plan.
In Q3 FY2025, BKCB reported a revenue of RM7.54 million, a decline from RM12.44 million in the corresponding period last year ("Q3 FY2024"), primarily due to the completion of several major projects in the prior year period. Nevertheless, the Company had maintained a Profit Before Tax ("PBT") of RM0.40 million, though lower than the RM3.67 million reported in Q3 FY2024. The decline in profitability was largely caused by lower contributions from the concession segment and the absence of major reversals of prior provisions from the previous year. Despite these challenges, the Company saw improvement in its construction segment, which contributed RM2.22 million to total revenue, in line with its diversification strategy.
For the nine-month period ended 31 December 2024 ("9M FY2025"), Bintai Kinden recorded RM17.77 million in revenue, a 39.1% decrease from RM29.16 million in the same period last year. The Group reported a loss before tax of RM0.60 million, a significant improvement from the loss of RM5.68 million recorded in 9M FY2024. The financial performance reflects the impact of its restructuring initiatives and cost optimisation measures, alongside strategic efforts to expand into construction to generate new revenue streams.
At the EGM held on 25 February 2025, shareholders approved the Proposed Regularisation Plan, a crucial step in strengthening BKCB's financial standing and facilitating its eventual upliftment from Practice Note 17 ("PN17") status. Key resolutions passed included the Proposed Share Capital Reduction, which involves cancelling up to RM160.00 million of issued share capital to eliminate accumulated losses, the Proposed Private Placement of 244.00 million new shares, Proposed granting of an option involving up to 146.4 million shares and the Proposed Diversification into Construction, reinforcing the Company's commitment to enhancing its revenue mix. Shareholders also approved the establishment of an Employees' Share Option Scheme ("ESOS"), aimed at attracting and retaining talent to drive the Company's long-term recovery.
Datuk Tay Chor Han, Managing Director cum CEO of BKCB
Datuk Tay Chor Han, Managing Director cum CEO of BKCB, commented, "While our third-quarter results reflect the transitional phase of our business, we are encouraged by the progress of our diversification into construction, which has begun making positive contributions to revenue. The strong support from shareholders for our Proposed Regularisation Plan is a major milestone in our turnaround strategy. With the approved capital reduction, private placement, and business diversification, we are taking decisive steps to strengthen BKCB's financial position and set the stage for sustainable growth. We deeply appreciate the trust and confidence of our shareholders as we continue executing our strategic initiatives, with the ultimate goal of long-term profitability and an eventual upliftment from PN17 status."
Moving forward, Bintai Kinden remains focused on executing its restructuring strategy, replenishing its order book through new project tenders, and ensuring the timely completion of existing projects. The Company will continue working towards the successful implementation of the Proposed Regularisation Plan, positioning Bintai Kinden for sustained profitability and financial stability.
ABOUT BINTAI KINDEN CORPORATION BERHAD
Bintai Kinden Corporation Berhad ("Bintai Kinden" or the "Company") is a multidisciplinary building and industrial service engineering outfit founded in 1973. The Company has designed, installed and commissioned systems that include the full range of engineering services for commercial buildings to industrial complexes. Through its subsidiary, Johnson Medical International Sdn Bhd, the Company has diversified into the provision to healthcare solutions and medical support systems. Headquartered in Malaysia, BKCB has worked on projects in Southeast Asia, China and the Gulf region of the Middle East.
For more information, visit bintai.com.my.
Swan Consultancy Sdn. Bhd. on behalf of Bintai Kinden Corporation Berhad
For more information, please contact:
Jazzmin Wan
Email: j.wan@swanconsultancy.biz
William Yeo
Email: w.yeo@swanconsultancy.biz
SOURCE: Bintai Kinden Corporation Berhad
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