KUALA LUMPUR: JAKS Resources Bhd is exploring various investments and funding options for the Hai Duong thermal power plant project in Vietnam.
It said on Thursday, Sept 30 the options for the two 600MW project would include joint-venture arrangements to undertake the project.
As at the current stage, JAKS said the build-own-transfer contract was being finalised and to be followed by an application of investment licence.
'Upon the issuance of the investment licence and the incorporation of the project company in Vietnam, the build-operate-transfer contract, power purchase agreement, coal supply agreement, land lease agreement and the engineering, procurement and CONSTRUCTION [] contract will be signed,' it said.
Announcing its latest earnings for the third quarter ended July 31, 2010, it said the revenue of RM63.4 million was 25% below the RM84.8 million a year ago.
'The decrease was mainly due to lower recognition of works done for the projects in the construction division and also the lower revenue contributed from the steel related products,' it said.
JAKS said despite the lower revenue, net profit was RM557,000 compared with RM214,000 a year ago mainly due to higher pricing of the steel related products.
When compared with the second quarter ended April 30, revenue of RM63.4 million was 16% higher than RM54.7 million recorded in the preceding quarter.
'The group achieved a profit before tax of RM1.27 million in the quarter under review as compared with a profit before tax of RM894,000 in the preceding quarter. The improvement was mainly due to better steel prices in the steel related products and higher revenue in the current quarter,' it said.
It said on Thursday, Sept 30 the options for the two 600MW project would include joint-venture arrangements to undertake the project.
As at the current stage, JAKS said the build-own-transfer contract was being finalised and to be followed by an application of investment licence.
'Upon the issuance of the investment licence and the incorporation of the project company in Vietnam, the build-operate-transfer contract, power purchase agreement, coal supply agreement, land lease agreement and the engineering, procurement and CONSTRUCTION [] contract will be signed,' it said.
Announcing its latest earnings for the third quarter ended July 31, 2010, it said the revenue of RM63.4 million was 25% below the RM84.8 million a year ago.
'The decrease was mainly due to lower recognition of works done for the projects in the construction division and also the lower revenue contributed from the steel related products,' it said.
JAKS said despite the lower revenue, net profit was RM557,000 compared with RM214,000 a year ago mainly due to higher pricing of the steel related products.
When compared with the second quarter ended April 30, revenue of RM63.4 million was 16% higher than RM54.7 million recorded in the preceding quarter.
'The group achieved a profit before tax of RM1.27 million in the quarter under review as compared with a profit before tax of RM894,000 in the preceding quarter. The improvement was mainly due to better steel prices in the steel related products and higher revenue in the current quarter,' it said.
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