Taliworks Corp Bhd’s net profit for the fourth-quarter ended Dec 31, 2016 (4Q), slid 37.5% to RM32.01 million compared to RM51.22 million a year ago, while revenue for the same period declined to RM69.01 million from RM74.1 million the year prior.
The decrease was mainly attributed to a one-off gain arising from the disposal of a 50% stake in Pinggiran Muhibbah Sdn Bhd, now a joint-venture company, amounting to
RM59.55 million recognised in the previous quarter.
The decline was also due to higher provision for discounting on a deferred payment consideration of RM17.1 million compared to RM6.7 million in the past quarter a year ago.
The public utilities and infrastructure group said in an exchange filing yesterday that the water restructuring exercise in the Klang Valley is anticipated to be concluded in 2017.