Eversendai records pre-tax profit of RM25.7 mln in 2Q17
KUALA LUMPUR: Eversendai Corp Bhd recorded a pre- tax profit of RM25.7 million for the second quarter ended June 30, 2017 compared to a pre-tax loss of RM18.8 million in the same quarter in 2016.
In a filing to Bursa Malaysia yesterday, Eversendai said its revenue rose to RM465.87 million versus RM421.5 million in the corresponding quarter previously.
It said the loss in the preceding year’s corresponding quarter was mainly due to provision for impairment in investment in Singapore-listed Technics Oil & Gas Ltd’s shares and unrealised foreign exchange losses taken up during the period.
In a separate statement, Eversendai said, for the period ended June 30, 2017, its business in the United Arab Emirates contributed 56.4 per cent (RM485.9 million) to the group’s total revenue while business in Malaysia contributed 11.4 per cent.
It said the oil and gas (O&G) sector contributed 15.9 per cent to the total revenue of this quarter, Indian sub-continent 3.9 per cent and the rest came from operations in Singapore and Thailand.
To-date, the group has secured RM1.38 billion worth of projects from early 2017 bringing its order book up to RM2.7 billion, it said.
“Approximately 46.3 per cent of the order book came from the group’s traditional stronghold in West Asia, 20.5 per cent from Malaysia, 21.7 per cent from India and the rest 11.5 per cent from the O&G segment,” said Eversendai.
With the current order book in hand, the group was confident to achieve higher revenue and profitability going forward, it said.
“Overall, the group performed much better than its corresponding half year in 2016 and is confident of fulfilling its aim towards ending the year 2017 on a positive high,” it said. — Bernama