Zecon Bhd sees 3Q net loss of RM2.3m

KUALA LUMPUR: Zecon Bhd recorded a net loss of RM2.29 million compared to a net loss of RM9.04 million a year ago in its thid quarter (3Q) financial statements ended Sept 30, 2010, the group announced on Tuesday, Nov 30.

Revenue, on the other hand, rose 34% to RM59.8 million from RM44.49 million a year ago.

The group stated that the main contributors to this quarter's revenue are the Triang Water Scheme under packages 1, 2 and 5, and the construction of the Unimas Faculty of Medicine and Health Science. In adopting FRS 139, significant impairment losses amounting to RM4.129 million have been recognised during the year, which resulted in the net loss, it added.

Basic loss per share for the quarter under review was 1.92 sen, from a basic loss per share of 8.24 sen. Net assets per share dropped to RM1.45 from RM1.56 as at the preceding financial year end.

Zecon engages in foundation engineering, civil engineering, building contracting, and related activities in Malaysia.
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