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annual report | 2012 Gunung Capital Berhad (330171-P)
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CHAIRMAN’S STATEMENT (cont’d)
In financial year ended 31 December
2012, we managed to record an
increase in revenue, on the back of our
management’s continued efforts in
securing additional short term charters.
On 3 September 2012 Gunung entered
into a Joint Venture Agreement
with Perak Hydro Renewable Energy
Corporation Sdn Bhd (“PHREC”) to jointly
carry out the development of selected
renewable energy mini-hydropower
plants in the State of Perak, on a Build
Operate and Own (“BOO”) concept,
and under the Sustainable Energy
Development Authority (“SEDA”)
Feed-in-Tariff Programme. The rationale
of this joint venture is to secure a long
term stable income stream which will
reduce Gunung’s dependency on incomes
solely from chartering land-based
transportation assets & specialty vehicles.
In view of this background, I present
to you the Annual Report and Audited
Financial Statements of the Group for the
financial year ended 31 December 2012.
FINANCIAL PERFORMANCE
In financial year ended 31 December
2012, Group revenue of RM79 million was
4.5% higher, than that of the previous
year. This was achieved on the back of
securing additional short term charters.
Such short term charters, has allowed the
Group to fully utilize its existing fleet
of vehicles, without incurring further
capital expenditure. Group profit before
tax at RM17.8 mil was 8.0% higher than
that of the previous financial year, due
to the additional short term charter
business and our managements’ efforts
to curb increases in operating costs.
Net profit for the financial year under
review also increased to RM13.7mil,
up 5.0% from the previous financial
year. This was achieved in view of
around a 20% jump tax expense for
financial year ender review, due to
the ending of the accelerated capital
allowances enjoyed by the Group,
under the Income Tax (Accelerated
Capital Allowance)(Bus) Rules 2008.
Total comprehensive income attributable
to shareholders, jumped 43.2% to
RM13.7mil, from RM9.6mil in the
previous financial year, which reflected a
full contribution of earnings from 100%
owned subsidiary, GPB Corporation Sdn
Bhd, in view of the acquisition of the
minority shareholders interest in GPB
which was completed in November 2011.