Lower traffic on LDP, but profits rise at highway operator Litrak

Lower traffic on the LDP caused revenue to slip at highway operator Litrak.

KUALA LUMPUR: Highway operator Lingkaran Trans Kota Holdings Bhd has reported a rise in profits although revenue had slipped because of lower traffic on the LDP (Damansara-Puchong expressway).

Profit for the financial year ended March 31 was up by RM25 million at RM261.92 million compared to the previous financial year.

Revenue, however, slipped to RM503.84 million from RM516.03 million, the group said in a filing to Bursa Malaysia today. The lower revenue was attributable to lower traffic volume plying the Damansara-Puchong Expressway (LDP).

The rise in net profit was driven by lower maintenance expenses; lower finance cost; and share of higher profit in SPRINT group amounting to RM18.4 million in the current year to date as compared to RM1.5 million recorded in the preceding corresponding period.

“The increase in share of profit in SPRINT group is mainly due to higher recognition of revenue from accrual of government compensation receivable pursuant to the concession agreement’s scheduled toll rates increase for Penchala Link commencing on Jan 1, 2019.

“For the current financial year, the contribution of the aforesaid toll increase was for the full year whilst for the previous financial year, the contribution was only for the period of three months,” it added. - FMT