Friday, November 26, 2010

Ireka secures RM232m office, hotel project in KL

KUALA LUMPUR: IREKA CORPORATION BHD [] has secured a RM232.74 million contract for the proposed offices and hotel development in Kuala Lumpur.

It said on Friday, Nov 26 its unit Ireka Engineering & CONSTRUCTION [] Sdn Bhd had received a letter of intent from Transmission TECHNOLOGY [] Sdn Bhd for the project.

Ireka said the project involved architectural and mechanical and electrical works for basements and the 13-level podium and also the 27-storey and 37-storey office towers.

Earlier, it announced net loss of RM87,000 in the second quarter ended Sept 30, 2010 compared with net profit of RM2.13 million a year ago after accounting for the share of loss in Aseana PROPERTIES [] Limited.

Revenue rose 21% to RM108.02 million from RM89 million and it recorded loss per share of 0.08 sen compared with earnings per share of 1.87 sen.

For the first half, revenue rose 11.5% to RM209.736 million from RM174.610 million mainly due to higher volume of construction works being completed during the period.

At the pre-tax level, it recorded a pre-tax loss of RM2.868 million, as compared to a pre-tax profit of RM5.789 million in the previous corresponding period.

'The loss is after accounting for the share of loss in Aseana Properties of RM7.503 million and also a mark-to-market loss for share investment in Kinh Bac City Development Shareholding Corporation of'' RM1.986 million.'' Excluding these two items, the Group's pre-tax results would be positive at RM6.613 million,' it said.

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