Econpile gets RM27m earthworks job for Mont Kiara condo project

• As of the end of March, Econpile had 19 ongoing projects with an order book of about RM400 million.

KUALA LUMPUR (July 10): Econpile Holdings Bhd (KL:ECONBHD) has secured a RM26.5 million contract to undertake piling, earthworks and sub-structure works for a 40-storey condominium project in Mont Kiara.

The contract was awarded by SNA Consult Sdn Bhd on behalf of Modern Plus Sdn Bhd, the group said in a stock exchange filing.

The job is scheduled for completion within 15 months, Econpile said, adding that the contract is expected to contribute positively to the group's earnings from the financial year ending June 30, 2025 (FY2025) onwards.

Econpile has been in the red since FY2022. For the first nine months of FY2024, the group's net loss widened to RM16.07 million from RM6.68 million in the same period of FY2023, primarily due to lower gross margins affected by industry margin pressures and more labour-intensive construction activities leading to higher operating expenses.

As of the end of March, Econpile had 19 ongoing projects with an order book of about RM400 million.

Shares of Econpile closed down half a sen or 0.98% at 50.5 sen on Wednesday, giving the group a market value of RM708.82 million. Since the start of this year, the counter has gained over 62%.

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