Tex Cycle's Q1 earnings fall, revenue rises
This was due to the absence of a one-off gain from the disposal of investment properties, Tex Cycle said today.
Its revenue, however, jumped 11 per cent to RM8.9 million from RM7.99 million a year ago, boosted by higher contribution from the renewable energy division.
In a separate bourse filing, Tex Cycle said its 21st annual general meeting (AGM) and an extraordinary general meeting (EGM) earlier today saw all resolutions approved by shareholders.
This included the re-election of directors, appointment of auditors, renewal of share issuance authority and share buy-back mandate.
Shareholders also unanimously approved the acquisition of Meridian World Sdn Bhd for RM55 million during the EGM.
The company said this will further strengthen its ESG-oriented portfolio by expanding its service offerings to include wastewater treatment, chemical processing and environmental consultancy.
Operating from its fully licensed scheduled waste recovery facilities in Kedah, Meridian World serves a wide spectrum of industries, including semiconductor, chemical, and manufacturing sectors.
"With the green light for the Meridian acquisition, we are better equipped to accelerate our ESG roadmap and broaden our service base across Malaysia," group chief executive officer Gary Dass Anthony Francis said in a statement.
The company remains optimistic about its strategic direction, particularly with the government's heightened enforcement on scheduled waste compliance and the push for renewable energy adoption.
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