Eversendai 3Q profit down 25%

KUALA LUMPUR (Nov 11): Eversendai Corp Bhd has seen a 25% quarter-on-quarter (q-o-q) decrease in its 3QFY11 ended September net profit to RM30.72 million, from RM40.84 million in 2Q. Its cumulative net profit for its three quarters is RM97.04 million.

In its announcement to Bursa Malaysia on Thursday, the group attributed the decline to revenue recognised in 2Q from projects that are in completion phase and partly the write-off of IPO expenses amounting to RM3.8 million.

Group revenue dropped to RM254.41 million in 3Q from RM258.15 million in 2Q, a 1.45% decrease q-o-q.

The group said 88.5% of its revenue was from its Middle East operations in UAE, Saudi Arabia and Qatar. Operations in India contributed 5% and Malaysia 6.5%.

The group said it is "optimistic on its prospects based on the order book in excess of RM1 billion".