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LFE Corp bags 3 projects worth RM67m

KUALA LUMPUR (Nov 29): LFE Corp Bhd has secured three new projects in the current financial year ending Dec 31, 2019 (FY19), which contribute RM66.6 million to the group's order book.

The new projects secured are from Johor and Terengganu, it said.

"While working on the secured projects, the group will continue to actively pursue and bid for many more new projects in the mechanical, electrical engineering, plumbing and construction sectors locally and regionally, either on its own or through strategic alliances with established local and foreign partners," it added in a bourse filing today.

LFE Corp said the new projects are part of its effort to address the audit issues raised by its external auditor Messrs Morison Anuarul Azizan Chew in its opinion on material uncertainty relating to going concern for the financial period ended Dec 31, 2018 (FP18) on May 2.

The group has changed its financial year end from July 31 to Dec 31.

Morison Anuarul drew attention to the group's and the company's net loss of RM10.57 million and RM15.63 million respectively in FP18, where it also reported negative operating cash flows amounting to RM437,946 and RM1.25 million. In addition, the group and the company have delayed in meeting their operational obligation.

At 4.49pm, LFE shares were unchanged at 16 sen, with 175,000 shares done, bringing a market capitalisation of RM32.7 million.

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