Thursday, November 10, 2011

Eversendai posts net profit RM26.4m for 3Q, order book RM1b

KUALA LUMPUR (Nov 10): Eversendai Corporation Bhd posted net profit of RM26.44 million in the third quarter ended Sept 30, 2011 and was upbeat about the prospects, armed with a order book of more than RM1 billion.

It said on Thursday that revenue was RM254.41 million while earnings per share were 4.13 sen. For the nine-months ended Sept 30, its earnings were RM83.03 million on the back of RM720.41 million in revenue.

With the diverse and strong order book, the group was strategically positioned to perform well in FY 2011 and going forward, it said.

Eversendai added the wide geographical spread, number of projects and large client base of the current order book minimises the risk profile of the group substantially as it is not dependent solely on any specific sector and or client.

The company said 88.5% of the group's revenue was from its Middle East operations in UAE, Saudi Arabia and Qatar.

The current major projects in the Middle East included the New Doha International Airport and Doha Convention Center & Tower in Qatar, King Abdullah Petroleum Studies & Research Center (KAPSARC) and CMA Towers in Saudi Arabia.

The group's India and Malaysia operations contributed 5.0% and 6.5% respectively to the group revenue.

'The current profit for the financial period was arrived at after expensing RM51.18 million of operating and administration expenses and RM14.76 million of finance cost. Total expenditure for the financial period was mainly from staff related expenses and lease rental of RM20.42 million and RM7.67 million respectively,' it said.


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