Wednesday, June 23, 2010

Ingress Shows Signs Of Positive Turnaround

Ingress announced its earnings last night. LOL! I then searched my last posting on Ingress, Update On Ingress, I realised that was exactly how I started my posting.

Signs of ....err....

Anyway, most of my previous postings on
had been rather negative on the company, I believe this posting is needed as there were signs of positive turnaround. (Yes, I need to give credit when credit is due.

Anyway on the Edge Financial daily..
Ingress posts RM10.5m 1Q net profit

  • Ingress posts RM10.5m 1Q net profit
    Written by Yong Min Wei
    Wednesday, 23 June 2010 00:04

    KUALA LUMPUR: Ingress Corp Bhd's net profit for the first quarter ended April 30, 2010 (1QFY11) jumped to RM10.47 million from RM587,000 a year earlier with the automotive division and power engineering and projects division (PEP) registering stronger earnings.

    Revenue rose 19% to RM180.41 million from RM151.67 million previously, with basic earnings per share at 13.6 sen versus 0.8 sen. Similarly, Ingress' pre-tax profit for 1QFY11 climbed to RM15.27 million from RM1.52 million a year earlier.

    Ingress said on Tuesday, June 22 its automotive division recorded a revenue of RM161.7 million and a pre-tax profit of RM11 million as against the previous corresponding quarter's RM126.3 million and RM2.4 million, respectively.

    As for the PEP division in 1QFY11, Ingress said it posted a revenue of RM18.7 million and a pre-tax profit of RM7.6 million compared with RM25.4 million and RM600,000, respectively, in 1QFY10.

    Together with its associate companies, the group said overall PEP division recorded a pre-tax profit of RM5.9 million versus RM500,000 previously. No dividend was proposed or became payable for the reporting quarter. Prior to the announcement, the stock shed three sen to close at 57 sen with 44,700 units transacted.