Crest Builder up 7% on better outlook for FY17

KUALA LUMPUR (June 8): Crest Builder Holdings rose 7% at mid-morning trading today, after the group said it expects its performance for the financial year ending Dec 31, 2017 (FY17) to be better, driven by its construction projects.

At 10.25am, Crest Builder gained 7 sen to RM1.07, with 3.09 million shares exchanging hands for a market capitalisation of RM170.69 million.

Speaking at a press conference yesterday, Crest Builder group managing director Eric Yong Shang Ming said the construction division will be the major driver for the group this year.

“Based on the timing of the projects, we are looking to complete a couple of projects this year. Our largest contract to date is Quarza at KL East by Sime Darby Property Bhd, which will be going full swing this year.

“Yes, we are looking to post very good numbers for FY17,” he said.

For the property development division, the group will be launching the residential portion of Latitud8 in Dang Wangi, with a gross development value (GDV) of RM750 million.

In addition, the group is also tendering for some RM1.8 billion worth of projects and expects more upcoming tenders in the next few months. — theedgemarkets.com

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