Gabungan AQRS gets RM508.22 mil SUKE subcontract

KUALA LUMPUR (Aug 19): Gabungan AQRS Bhd has bagged a RM508.22 million subcontract for the construction of the Sungai Besi-Ulu Klang Elevated Expressway (SUKE) from Syarikat Muhibah Perniagaan Dan Pembinaan Sdn Bhd.

In a bourse filing, the construction outfit said it secured the job via its unit, Gabungan Strategik Sdn Bhd. The deal is for bridge structure works for the SUKE-CA3 work package, construction and completion of the main line, and other associated works.

The contract, scheduled to start on Aug 29 and expected to complete on Dec 28, 2018, should contribute positively to its earnings for the financial year ending Dec 31, 2016 (FY16) to FY18.

Gabungan AQRS saw a 15.3% gain in net profit in its second quarter ended June 30, 2016 to RM6.27 million from a year ago, driven by its property development segment. Revenue slipped 0.6% year-on-year to RM95.34 million. For the cumulative six months ended June 30, 2016, its net profit fell 13.2% year-on-year to RM10.02 million; while revenue slid 8.5% to RM174.98 million.

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This article first appeared in The Edge Financial Daily, on Aug 19, 2016. Subscribe to The Edge Financial Daily here.