Muhibbah bags RM101m Australia job

KUALA LUMPUR: Muhibbah Engineering (M) Bhd has received a letter of commitment for a RM101 million contract in Australia.

In a statement to Bursa Malaysia on Wednesday, May 25, Muhibbah said the contract was awarded by Leighton Contractors Pte Ltd for the pre-assembly of heavy lifting facility and tug pen breakwater caissons and preparation of shipping barges for the Gorgon LNG Jetty and Marine Structure Project in Australia.

Work on the contract is expected to commence mid-2011 with a target completion date of early 2012.

In a separate statement, Muhibbah announced that its net profit for 1QFY11 ended March 31 rose 243.5% y-o-y to RM18.2 million or 4.58 sen a share, despite a 4% fall in revenue to RM394.4 million.

As at May 19, the group's total outstanding orderbook stood at RM2.86 billion, which will keep the company busy until 2013.