|
Kuala
Lumpur, Tuesday:- PLUS Expressways Berhad announced its
financial results for first quarter 2008 today.
The financial results for first quarter 2008 generally show
improvements with the inclusion of three newly-acquired
wholly-owned subsidiaries, namely Expressway Lingkaran Tengah
Sdn Bhd (“Elite”), Linkedua (Malaysia) Berhad (“Linkedua”) and
Konsortium Lebuhraya Butterworth-Kulim (KLBK) Sdn Bhd (“KLBK”).
Both acquisitions for Elite and Linkedua were completed in
December last year with KLBK added into our stable in March
2008.
The Group registered an increase of 25.6% in toll collection for
first quarter 2008 to record at RM540 million, compared with
RM430 million in first quarter last year. PLUS, the operator for
the North-South Expressway and other highways, contributed 86%
of the total toll collection.
Group profit before tax was RM384 million for first quarter
2008, an increase of RM118 million or 44.5% over the RM266
million recorded in same period last year, primarily due to
higher revenue resulting from the consolidation of new
subsidiaries, despite the increases in operating expenses and
finance costs.
Commenting on the results, the Group’s Managing Director,
Noorizah Abd Hamid said, “The acquisitions of three new
subsidiaries have augured well for the Group’s performance. The
improvement was largely driven by the encouraging traffic volume
growth of 8.1% for PLUS, 8.8% and 19.0% for Elite and Linkedua
respectively, in the first quarter of the year.”
On the KPI achievements, the additions of the 3 new operating
units have collectively added 651 lane-km (or 127km) of
expressways, representing 17.9% of the existing 3,640 lane-km in
PLUS, moving the Group closer to achieve their KPI target for
the year. For KPI on revenue growth, the Group remains on track
to meet the target set.
1
Operationally, PLUS continues upgrading and improvement efforts
to provide better infrastructure and continuous improvement of
expressway facilities and services in ensuring the safety and
comfort of its customers whilst preserving the interest of its
stakeholders.
In 2007, PLUS has completed the upgrading of three Rest Service
Areas (RSAs), four laybys, one interchange and three toll plazas
along its expressways. In the pipeline for 2008, the Group has
identified 2 RSAs, 5 laybys and four toll plazas to be upgraded
for the comfort and convenience of its customers.
PLUS has completed the third lanes widening works for the
stretches from Seremban to Ayer Keroh and from Rawang to Tanjung
Malim last year and the traffic flow has improved since. The
third lane from Tanjung Malim to Slim River has also been
completed and opened to traffic. Immediate goal for the Group is
to fully complete the modification works for through traffic
between Ipoh Selatan and Jelapang before end 2008.
PLUS spends substantial amount for maintenance of its
expressways to ensure that the facilities remain in optimum
condition for enhancement of the expressway asset value as well
as the safety and comfort of the customers. A structured and
integrated asset maintenance regime as well as proactive and
long-term approach for asset preservation and enhancement is
practised. In 2007, almost 400 lane-km of pavement
rehabilitation and structural overlay work was carried out to
preserve the expressway pavement.
“As a value-driven company, we would continue to look for new
value-enhancing opportunities, with focus on toll roads and toll
road-related businesses. On our overseas projects, while we are
confident that our 20-year experience in expressway operations
and maintenance will enable us to excel, we are mindful of the
challenges in the current global economic condition and the
associated risks. The main emphasis of the Group is to execute
and complete the awarded projects in a timely manner”, Noorizah
concluded.
|
