Eversendai logs RM20.6 mil profit for 2Q on absence of impairment, forex losses

KUALA LUMPUR (Aug 28): Eversendai Corp Bhd posted a net profit of RM20.61 million for its second quarter ended June 30, 2017 (2QFY17), compared with a net loss of RM21.28 million last year, mainly on the absence of provision for impairment and forex losses.

"The loss in the preceding year's corresponding quarter [was] mainly due to provision for impairment in investment in Technics shares and unrealised foreign exchange losses taken up during the period," it said in a Bursa Malaysia filing today.

The quarter under review is the second consecutive profitable quarter after the group fell into losses in 4QFY16.

Its latest quarterly revenue grew 10.5% to RM465.87 million from RM421.55 million.

The improved quarterly earnings brought Eversendai's cumulative six-month net profit to RM35.87 million, as compared with a net loss of RM71.71 million in the corresponding period last year (1HFY16).

Meanwhile, revenue retreated marginally to RM861.84 million from RM862.28 million for the cumulative period.

Moving forward, the group said it is "confident to achieve higher revenue and profitability", judging from its RM2.7 billion order book as at end June 30. It secured some RM1.38 billion worth of new contracts during the 1HFY17 period.

Of its total order book so far, 46.3% are orders from the Middle East region and the Commonwealth of Independent States, 20.5% from Malaysia, 21.7% from India and the remaining 11.5% comes from the oil and gas segment.

As at 3.34pm today, the counter stood at RM1.14, up 7 sen or 6.5% after some 3.91 million shares were exchanged. — theedgemarkets.com

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