Perak Transit books highest quarterly result since listing, plans 3-to-1 share consolidation

KUALA LUMPUR (Nov 19): Perak Transit Bhd reported its best quarterly revenue and profit for the third quarter ended Sept 2020 (3QFY20).

In a filing with Bursa Malaysia, the bus-terminal operator saw its net profit for 3QFY20 jump 32.34% to RM11.96 million from RM9.04 million a year ago while quarterly revenue increased by 8.05% to RM35.02 million from RM32.41 million.

It said the strong performance was underpinned by the integrated public transportation terminal operations, which saw higher project facilitation fee and firmer advertising and promotional (A&P) income as full contribution from Kampar Putra Sentral, which commenced since September this year.

For the cumulative nine-month period ended Sept 30 (9MFY20), its net profit grew 2.48% to RM28.62 million from RM27.93 million a year ago, while revenue dropped 8.28% to RM84.14 million from RM91.73 million.

Perak Transit had declared a third interim single tier dividend of 0.25 sen per share, payable on Jan 12, 2021. This brings the cumulative dividends to-date to one sen per share.

In a separate filing, it announced the proposal to consolidate its shares on the basis of three existing shares into one share, which will reduce the number of its shares in the market and reduce the magnitude of fluctuation of its share price.

It said the proposed consolidation will theoretically triple its share price, while the total number of shares in issue will be reduced by the corresponding ratio.

For illustration purpose, the theoretical adjusted reference price of Perak Transit shares after the proposed share consolidation will be 79.5 sen, based on the last transacted market price as at the latest practicable date (LPD) of 26.5 sen.

Under the exercise, Perak Transit's share base will be consolidated to about 645.13 million shares from about 1.94 billion shares presently.

Barring any unforeseen circumstances and subject to all required approvals being obtained, the board expects the share consolidation to be completed by the first quarter of 2021.

Bloomberg data showed that shares in Perak Transit have been trading between 12 sen and 33 sen in the last 12 months.

Listed on the ACE-Market since Oct 2016, Perak Transit shares price fell 0.5 sen to 27 sen today, giving it a market capitalisation of RM514.13 million.