KUALA LUMPUR: ACE Market-bound Glostrext Bhd posted a net profit of RM1.46mil on the back of RM6.43mil revenue for its first quarter ended June 30 (1Q24).

The geotechnical instrumentation and testing service provider’s earnings per share for the quarter was 0.48 sen.

There are no comparative figures available for the preceding year corresponding quarter and period as this is the first interim financial report announced by the company in compliance with the ACE Market Listing Requirements of Bursa Malaysia Securities.

Managing director Lee Sieng Kai said the company’s revenue for 1Q024 came mainly from its pile instrumentation and static load test services as well as structural and ground instrumentation and monitoring services segments, which accounted for RM5.37mil and RM940,000, representing 83.5% and 14.6% respectively.

“An increase in public and private spending on infrastructure development in the region is expected to drive the growth of the geotechnical instrumentation and monitoring market. We are on track to achieve our internal revenue and profit targets for FY2024,” he said.

Looking ahead, Glostrext will focus on promoting its off-site structural and ground instrumentation and monitoring services using the Glostrext WiNA platform in Singapore, as it sees opportunities in providing real time monitoring data in line with technological advancement.

Glostrext is expected to list on the ACE Market of Bursa Securities on Aug 15.