Thursday, November 24, 2011

Zecon returns to black in 3Q with RM1.9m profit

KUALA LUMPUR (Nov 24): Sarawak CONSTRUCTION [] company ZECON BHD [] returned to the black in the third quarter ended Sept 30 with earnings of RM1.91 million compared with net loss of RM2.29 million a year ago.

It said on Thursday it was upbeat on the outlook with the two projects in the recent quarter with total value of RM655.60 million.

'Firstly, documentation process for the construction and disposal of a hypermarket to a confirmed buyer is near finalisation with a project value of RM155.6 million.

'Secondly, with the receipt of letter of intent under the design and build for a general hospital in Petra Jaya the book order would be enhanced by an additional sum of about RM500 million,' it said.

Zecon said its 3Q revenue fell 38.4% to RM36.81 million from RM59.80 million while earnings per share were 1.60 sen compared with loss per share of 1.93 sen.

'The main contributors to this quarter's revenue are the Matang revised route project, the construction of the Sg Triang dam under package five of the Triang water scheme project, the faculty of medicine and health sciences of Universiti Malaysia Sarawak, Bintulu compressor station building works, Kapit water treatment plan and also the auto blast and priming workshop contract at Pasir Gudang,' it said.

For the nine-month period, it recorded net profit of RM679,000 compared with net loss of RM2.39 million in the previous corresponding period. Its revenue fell 37.3 sen to RM85.48 million from RM136.34 million.


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