KUALA LUMPUR: Hock Seng Lee Bhd (HSL) has registered a 31% growth in its net profit to RM20.28 million for its third quarter (3Q) ended Sept 30, 2010, from RM15.56 million a year ago on higher revenue.
Turnover rose 32% to RM134.34 million from RM101.72 million, it said in a filing to Bursa Malaysia on Thursday, Nov 23.
Basic earnings per share stood at 3.7 sen, up from 2.81 sen a year ago.
While the group has not declared any dividends, it will distribute one treasury share for every 50 shares held.
In a press statement group, chairman Senator Datuk Idris Buang said HSL's better performance was commendable given that the third quarter of last year was its strongest quarter since the group publically listed in 1996.
Year-to-date, the group achieved net profit of RM51.81 million, up 34% from RM38.69 million a year ago on the back of a 29% growth in revenue to RM338.01 million from RM261.7 million.
"This clearly places the group well on track to achieving another record breaking year at the end of 2010," said Idris.
Going forward, HSL expects to perform commendably with its projects in hand valued at RM1.9 billion, of which RM1.3 billion is outstanding.
Some of its ongoing projects include the Kuching City Centralised Waste Water Management project (Package 1); road works in Kuching, Sri Aman, Sarikei, Mukah, Samarahan and Tanjung Manis; construction works on educational institutions and affordable housing in Bintulu; and flood mitigation works in Sibu.
The group is also slated to launch the second phase of its Highfields residential project at Batu Kawa in Kuching.
On another matter, HSL said it had paid RM3.06 million in advance to subcontractors as at Sept 30 to facilitate its ordinary course of business.