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KUALA LUMPUR: Kimlun Corp Bhd has accepted a project to supply and deliver precast concrete segment to Contract T206, Thomson Line of Singapore MRT system for S$20.52 million (RM53.43 million).
In a filing with Bursa Malaysia yesterday, Kimlun said its wholly-owned subsidiary SPC Industries Sdn Bhd had accepted the letter of award from Shanghai Tunnel Engineering Co Ltd to execute the contract.
Kimlun said the contract for the precast concrete segment is for a period of 36 months.
“The supply contract is expected to contribute positively to the earnings and net assets of the Kimlun group for the financial years during the supply period,” the group said.
For the financial year ended Dec 31, 2013, Kimlun reported a net profit of RM36.4 million on revenue of RM951.1 million. Revenue was up 6.1%, while net profit dipped 26.4% year-on-year.
Higher selling and administrative expenses, and finance costs contributed to weaker net profit.
Construction contributed the most to group revenue at 78%, followed by manufacturing and trading (20.1%), property development and investment.
This article first appeared in The Edge Financial Daily, on March 27, 2014.
