Favelle Favco units secure contracts worth RM78m
Favelle Favco’s wholly owned subsidiaries, Favelle Favco Cranes Pty Ltd, Favelle Favco Cranes (M) Sdn Bhd and Favelle Favco Cranes Pte Ltd have secured contracts worth RM78.3 million from six different vendors. In a filing to Bursa Malaysia yesterday, Favelle noted the contracts were for the supply of tower and offshore cranes. All contracts are to be delivered within second quarter of 2019 and early 2020. The vendors are Marr Contracting Pty Ltd, GA Caelli Holdings Trust, Shinwoo Development Co Ltd.,MODEC Offshore Production Systems (Singapore) Pte Ltd, BP Exploration (Caspian Sea) Ltd and PTSC Mechanical & Construction Ltd Co.
CMS’s 1Q net profit rises on building materials business
Cahya Mata Sarawak Bhd’s net profit for the first quarter ended Mar 31, 2019 (1Q19) increased 4.58% year-on-year (YoY) to RM40.76 million while revenue rose 18% YoY to RM41.81 million. This comes on the back of a strong performance from its cement building materials and property development divisions in the quarter, the Kuching based group noted in an exchange filing yesterday. The pre tax profit for the cement Division increased 67% to RM11 million to the increase in revenue and the sales volume of cement and concrete products which increased by 9% and 70% respectively. The division saw a lower production cost for the quarter with the support of higher production volume and lower repair costs of its plant. The Construction Materials & Trading Division achieved an increase of pre tax profit of 128% YoY to RM20.98 million due to 20% increasing revenue, 2% rising gross profit margin and a provision reversal of RM9 million.
HSS Engineer unit accepts sub-consultant appointment
HSS Engineers Bhd’s (HEB) associate, SMHB Sdn Bhd (SMHB), has accepted a contract as sub-consultant for supervision services from Perunding Teknik Glokal Sdn Bhd. The award requires SMHB to provide supervision services for the capacity expansion of the Telibong II water treatment plant and related facilities. The consultancy contract value is RM3.71 million, HSS noted in an exchange filing yesterday. The project has commenced on March 29, 2019, and is slated for completion within the second quarter of 2021. The contract will be an exclusive collaboration between SMHB and SMHB Engineering Sdn Bhd, which is HEB’s wholly-owned subsidiary.
Gas Malaysia’s 1Q rises on higher gas volume sold and price
Gas Malaysia Bhd’s net profit rose 2.3% year-on-year (YoY) to RM41.16 million or earnings per share of 3.2 sen for the first quarter (1Q) ended March 31, 2019, mainly due to lower operating expenses despite the slightly lower gross profit resulted from higher cost of sales during the quarter. Revenue rose 19.5% YoY to RM1.71 billion on higher volume of natural gas sold and higher natural gas tariff. The natural gas supplier told Bursa Malaysia yesterday, it anticipates the annual increase of natural gas sales volume and customers to sustain for the financial year 2019 and profitability of the group to be in tandem with the level reflecting the prevailing tariff setting mechanism framework.
DNeX bags RM7m contract with Johor Port
Dagang Nexchange Bhd’s (DNeX) wholly-owned unit, OGPC Sdn Bhd (OGPC), has received a contract worth RM7.49 million from Johor Port Bhd to build four units of marine loading arms (MLA) at its port in Johor. The new four units MLA will be complete with hydraulic systems and Siemens PLC control system to replace the existing four manually operated MLA, DNeX noted in its exchange filing yesterday. the project’s tenure is 310 days, beginning May 16, 2019 and slated for completion by March 11, 2020.