• "The group expects some uncertainties in its financial performance owing to Covid-19-related issues and fluctuations in building material prices in the short term, especially as a result of the recent Russia-Ukraine war.

KUALA LUMPUR (Jan 3): Crest Builder Holdings Bhd's unit has secured a RM478.89 million contract from Perdana Parkcity Sdn Bhd to build two condominium blocks with a car park podium and retail units in Desa ParkCity here.

The contract will span 39 months from May 5, 2023 to Aug 4, 2026, Crest Builder said in a stock exchange filing on Friday (Dec 30).

The group, which has been incurring losses since the pandemic in early 2020, expects this contract to contribute positively to its earnings from the financial year ending Dec 31, 2023 (FY2023) onwards.

For the third quarter ended Sept 30, 2022, the group's net loss narrowed by 77% to RM4 million, from RM17.53 million a year ago, with revenue more than doubled to RM77.53 million from RM33.75 million.

For the cumulative nine months ended Sept 30, 2022, its net loss narrowed by 82% to RM4.76 million from RM25.83 million in the previous corresponding period, while revenue grew 18% to RM244.62 million from RM206.63 million.

Going forward, Crest Builder said it will continue to bid actively for construction projects in order to replenish its order book, with the current projects all progressing within expectations with extension of time obtained for certain projects during the Movement Control Order period.

"We expect the concession arrangement division to contribute positively to the group with the stable income and profits generated by UiTM Tapah," it said.

The group said it will continue to focus on strengthening its financial position and implementing cost optimisation measures as Malaysia transitions from to the endemic phase.

"The group expects some uncertainties in its financial performance owing to Covid-19-related issues and fluctuations in building material prices in the short term, especially as a result of the recent Russia-Ukraine war.

"Notwithstanding these, the board is cautiously optimistic of the overall prospects of the group's business and financial performance for 2022," it said in its latest quarterly financial report in November.

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