KUALA LUMPUR (May 26): Econpile Holdings Bhd posted a record net profit for the third financial quarter ended March 31, 2017 (3QFY17), on higher billings recorded coupled with increased overall project order book secured.

Net profit rose 23.6% to RM22.11 million or 4.13 sen a share from RM17.89 million or 3.34 sen a share a year ago, mainly derived from the piling and foundation services business segment.

Quarterly revenue grew 32.9% to RM162.28 million in 3QFY17 from RM122.07 million in 3QFY16.

The group declared a second interim dividend of 3 sen per share for the financial year ending June 30, 2017 (FY17), payable on June 22. This brings total dividends to 4.5 sen per share amounting to RM24.1 million for the financial year.

For the cumulative nine months (9MFY17), Econpiles' net profit rose 22.4% to RM59.91 million from RM48.96 million in 9MFY16, while revenue grew 27.1% to RM424.23 million from RM333.71 million a year ago.

The group expects 2017 performance to be challenging but sustainable on the back of continued growth expected from the piling and foundation services in the infrastructure segment.

In a separate statement today, Econpile executive director and group chief executive officer Raymond Pang said as of March 31, 2017, it has bagged six contracts worth RM1.2 billion for piling and substructure works for property development and infrastructure projects such as the mixed development of Pusat Bandar Damansara and the Klang Valley Mass Rapid Transit.

"Currently, our order book stands at RM1.4 billion and is set to be recognised over the next two years," he added.

Econpile shares closed up one sen or 0.41% at RM2.46 today, valuing the piling and foundation specialist at RM1.31 billion. — theedgemarkets.com

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