KAJANG: Construction and property group, Protasco Bhd, aims to increase its profit by between 10 and 15% this year, boosted by the construction and maintenance segments, said executive chairman/group managing director, Datuk Chong Ket Pen.
He said the construction and maintenance segments, which contributed RM577 million and RM104 million respectively to its revenue last year, will continue to perform better.
"Currently, we are maintaining some 14,000 km of federal and state roads under five long-term road maintenance contracts and concessions. We also expect positive contribution from the property development segment," he told reporters after the company's annual general meeting here today.
For financial year ended Dec 31, 2012, its pre-tax profit rose to RM106.557 million from RM72.204 million in the same period of 2011. Its revenue rose to RM793.895 million from RM695.985 million a year ago.
Chong said the newly-launched mixed development in Kajang, De Centrum, with gross development value (GDV) of RM240 million, will be completed in 2015.
A portion of the revenue was expected to be recognised this year from the completion of the first phase of the project. The first phase features a 20-storey low-density serviced apartment tower, a three-storey retail mall and shops, an eight-storey above ground car park and a 12-floor small office home office tower located near here.
"Property business will contribute over 10% to our revenue," he said, adding that the second phase of De Centrum, with GDV of RM400 million, will be launched by the middle of next year.
"If the second phase's sales are encouraging, we will start the third phase," Chong said.
He said the company will decide on the acquisition of the oil and gas business in Indonesia by October.
"Our consultants are still in the process of conducting due diligence exercise," he said.
The group had announced that it was acquiring 75% of oil and gas outfit, PT Anglo Slavic Indonesia, from PT Anglo Slavic Utama for US$55 million. - Bernama
TOP PICKS BY EDGEPROP
Petaling Jaya | New Invest Condo Beside University
Petaling Jaya, Selangor
2.5 Storey Bungalow House Kg Kubu Gajah
Sungai Buloh, Selangor
Suria Residence Breezy Modern Condo facing Pool
Bukit Jelutong, Selangor
Single Storey Terrace House,Taman Selaseh Bt.Caves
Batu Caves , Selangor
Sunway @ New Dual Key Condo Walk To University
Bandar Sunway, Selangor
NEW 1 Sty SEMI D Seksyen U14 Booking RM500 Only
Shah Alam, Selangor
Invest Dual Key Unit GRR 9 years RM280k
Cyberjaya DUAL KEY CONDO FREE FURNISHED+RENOVATED
Mont Kiara | New Condo Below Market Price
Mont Kiara, Kuala Lumpur
Kota Damansara | Freehold Condo Walk To UNIVERISTY
Kota Damansara, Selangor
Cyberjaya | Cash Back Up To 35K New Condo
(CMCO Offer) 5R6B Villa Style Super Link, Puchong