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Slight dip in HSL net profit for 1Q

KUALA LUMPUR: Sarawak-based Hock Seng Lee Bhd (HSL) has seen a slight dip in its net profit for the first quarter ended March 31 — to RM19.5 million due to the long Chinese New Year break.

Revenue was also 3% lower at RM135.1 million, compared with RM139.2 million a year ago.

HSL managing director Datuk Paul Yu said there is a likelihood of more projects coming from the three Score (Sarawak Corridor of Renewable Energy) growth node towns of Tanjung Manis, Mukah and Samalaju.

“With projects flowing from the Score region of central Sarawak, this year looks to be another one of commendable progress for HSL. There has been a healthy turnover of projects so far in 2013 with RM153 million worth of new contracts added,” said Yu.

Among new contracts secured by the company are roadworks in Sibu, Bintulu and Sri Aman, sand filling jobs at Tanjung Manis as well as infrastructure and drainage diversion projects for the Samalaju Industrial Park and rural roads in Samarahan.

As at March 31, the group had RM1.86 billion worth of projects in hand.

HSL is also pursuing various infrastructure and public amenity projects in the urban areas of Sarawak.

HSL’s property development arm, Hock Seng Lee Construction Sdn Bhd is expected to increase its contribution to the group’s bottom line with more project launches planned this year. — By Shalini Kumar


This article first appeared in The Edge Financial Daily, on May 23, 2013.

 

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