Bina Puri confident of growth

KUALA LUMPUR: Bina Puri Holdings Bhd, confident of its growth, said it is bullish to end the current financial year on a firm note despite sentiment being impacted by the delay in the handing over of the klia2 project.

Group executive director Matthew Tee (pic), said the delay did not have any negative implication for the company, even considering it as “unsolicited publicity” to raise Bina Puri’s name.

He said the company was proud of its klia2 project as everybody worked hard to complete it within the timeframe, be it Bina Puri itself or other parties.

“It’s a difficult job with a lot of complexities, different client requirements and soil conditions.

“But whatever it is, we managed to finish the job and this is where Bina Puri’s reputation comes in handy.

“We never abandon any project ... we always complete it by hook or by crook. No matter how difficult, we have never been sacked half way and have another contractor finish the job,” he told Bernama.

Tee praised Malaysia Airports Holdings Bhd for the way it handled the “bad publicity” on project cost escalations.

“Sometimes date changes for reasons, cost changes for reasons and they can be justified and explained. They don’t have to be scandalous,” he said.

He said the company aimed to record at least 20% upside in pre-tax profit for its current financial year with the construction division being the biggest contributor to the company’s bottom line.

Tee said the company was also working hard to diversify into areas which will bring in more profit, especially property and power.

“This year will see higher turnover with a lot of property projects to be launched, which could contribute to higher margin,” he said.

He said the company was ready for the real property gains tax as well as the goods and services tax, which will start next year.

Tee said the RM1.1 billion Ampang light rail transit extension project, undertaken by the company, is currently over 60% complete and on track for delivery in 2016.

It has also been reported that Bina Puri is also the front runner, alongside its contender, Mudajaya Group Bhd, in bidding for the proposed RM2 billion 19.9km Kinrara-Damansara Expressway. — Bernama


This article first appeared in The Edge Financial Daily, on July 31, 2014.