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Bina Puri posts RM11.1m net profit

KUALA LUMPUR: Bina Puri Holdings Bhd closed its financial year ending Dec 31,2010 (FYE 2010) with a net profit of RM11.1 million, while its revenue rose to RM1.23 billion. The company's 4Q2010 net profit stood at RM2.98 million.

In its filing to Bursa Malaysia on Monday, Feb 28, Bina Puri said its construction division recorded a revenue of RM1.6 billion and a profit before tax of RM11.85 million, compared to RM699.55 million and RM9.06 million respectively, mainly attributable to progressive profit recognised from the projects in progress.

Going forward, the group will continue to focus and enhance its main core business. It has secured several new projects locally and overseas in Thailand, Brunei and Saudi Arabia with a current value of contract work in progress of RM2.5 billion. It is expected to provide a steady income stream of revenue for the group over the next three years.

The statement said that the group will be launching its development projects in Klang Valley, Johor Bahru and Kota Kinabalu with a total gross development value of RM800 million.

Meanwhile, the construction of the 33km Kuala Lumpur-Kuala Selangor Expressway (KLS) is on target to be fully operational by 2Q2011.

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