KUALA LUMPUR: Advancecon Holdings Bhd is tendering for RM1.5 billion worth of contracts, including earthworks and civil engineering works for the East Coast Rail Link (ECRL), various road works in Sarawak and residential townships in Peninsular Malaysia.
In a statement today, the earthworks and civil engineering services provider said as at March 31, 2020, its orderbook stood at RM704.5 million, providing earnings visibility for a minimum of 18 months.
“The group’s orderbook encompasses works for infrastructure projects like West Coast Expressway, Pan Borneo Highway and new roads in Sarawak, as well as property development projects including Setia Alamsari (South), Eco Ardence, Nilai Impian and Serenia City,“ it said.
Advancecon has 15 ongoing projects in Selangor, Negeri Sembilan and Sarawak as at March 31, 2020, it added.
Group chief executive officer, Datuk Phum Ang Kia said works at the group’s project sites has fully resumed starting end-May, with all on-site workers having undergone and passed COVID-19 tests.
“We are keen to resume normalcy and regain our momentum in ramping up on-site works, as well as replenishing our orderbook with new projects, especially in the infrastructure space.
“We are heartened by the government’s pledge to proceed with the implementation of all major infrastructure projects under Budget 2020,“ he said.
Meanwhile, Advancecon said its net profit increased 7.9 per cent to RM2.2 million for the first quarter ended March 31, 2020 (Q1 2020) from RM2.0 million previously.
“The stronger bottomline was driven by several factors, including the recognition of profit from one completed project, absence of Employee Share Options Scheme (ESOS) charge, lower administrative expenses, reduced finance cost and lower diesel costs.
“This was despite the slightly muted Q1 2020 revenue of RM66.3 million compared with RM72.3 million in Q1 2019, mainly due to lower progress billings from ongoing construction projects and support services,“ it said.
Phum said the company would continue implementing strict cost-efficiency measures across the group to ensure business sustainability and mitigate financial risks. -Bernama
source https://www.thesundaily.my/business/advancecon-tenders-for-contracts-worth-rm15b-YA2626706
No comments:
Post a Comment