Tuesday, December 14, 2010

Kencana to bid for up to RM8b jobs

KUALA LUMPUR: KENCANA PETROLEUM BHD [], with the current order book of RM2 billion, plans to bid for contracts valued about three to four times more in 2011, says its group chief executive officer Datuk Mokhzani Mahathir.

He said on Tuesday, Dec 14 the group was looking at projects in Malaysia, including the country's Economic Transformation Programme's oil, gas and energy projects, and also in Vietnam, Myanmar, India and Australia.

Speaking to reports after the AGM, Mokhzani also said Kencana was still looking for strategic partners to enhance its capability and expand its business scope but had yet to identify a suitable partner.

Kencana posted net profit of RM52.35 million in the first quarter ended Oct 31, 2010, up 70% from RM30.82 million a year ago and was upbeat for the current financial year on rising demand for its engineering and fabrication of oil and gas production facilities.

Revenue rose 20% to RM336.96'' million from RM281 million a year ago while pretax profit increased by 63% to RM68.10 million from RM41.80 million. Earnings per share were 3.16 sen compared with 3.41 sen.

The profit increased by 33% to RM68.1 million when compared with the immediate preceding quarter of RM51.2 million ended July 31, 2010.

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