Corporate results: Boustead Heavy, Mesiniaga and Spring Art

Boustead Heavy Industries announces new CFO
Boustead Heavy Industries Corp Bhd (BHIC) has appointed Mohd Fakhrul Arifin Adinan as its chief financial officer (CFO). In an exchange filing yesterday, BHIC noted Mohd Fakhrul’s appointment was effective Nov 1. He began his career in 2005 at Ernst & Young and joined BHIC in April 2014 as the financial controller attached to the group’s finance division.  

Mesiniaga bags RM16m contract from EPF
Mesiniaga Bhd has secured a RM16 million contract from the Employees Provident Fund (EPF) for the supply of computer hardware, software, maintenance and IT related services. In an exchange filing yesterday, Mesiniaga stated the contract shall commence on Nov 11 and the delivery of the computer hardware and software is expected to be completed within five months. The company added the warranty period shall be for a duration of three years with an option to extend the warranty period for the fourth and fifth year at a fixed price of RM250,000 per year.

Spring Art posts RM3m net profit for 3Q
Spring Art Holdings Bhd has recorded a RM3.05 million net profit for the third quarter (3Q) ending Sept 30, 2019, on RM16.45 million in revenue. In an exchange filing yesterday, the company noted Middle East was the largest market contributing to the group’s revenue accounting for 56.3% of the total revenue in the period. For the cumulative nine months, Spring Art recorded earnings of RM7.22 million and revenue of RM44.15 million. The company added the outlook for the furniture industry remains  positive, in light of the growth in the furniture industry in Malaysia.