CYPARK POSTS NET LOSS OF RM84.61 MLN IN FY2024

KUALA LUMPUR, June 28 (Bernama) -- Cypark Resources Bhd recorded a net loss of RM84.61 million for the financial year ended April 30, 2024, due to the derecognition of deferred tax assets within the group. 

In a filing with Bursa Malaysia today, the group said this is following the assessment conducted in line with the Malaysian financial reporting standards (MFRS112) Income Tax requirements, as well as higher administration costs primarily due to one-off professional fees.

However, revenue stood at RM184.01 million for the current financial year under review, with a significant contribution from the renewable energy division.

“Revenue was primarily generated from existing brownfield solar projects and construction revenue from the ongoing development works for Selgate Hospital in Rawang,” it said. 

For the fourth quarter that ended April 30, 2024, the company’s net loss stood at RM57.92 million, while revenue was at RM56.32 million. 

On prospects, it said that while Cypark continues to focus on completing current projects within 2024, the group are also selectively venturing into new projects.

“In realising our target of reaching a capacity goal of 800 megawatts by 2027, we are proactively identifying expansion and diversification opportunities in the industry.

“Our priority lies in renewable energy businesses including large-scale solar power, biogas, biomass and waste-to-energy projects which will enable us to tap into clean and sustainable energy sources while we continue to play our significant role in decreasing greenhouse gas emissions,” it said. 

-- BERNAMA