GKENT (3204) - George Kent expects better performance in FY16
April 21, 2015 : 6:29 PM MYT
KUALA LUMPUR (Apr 21): Infrastructure engineering firm George Kent (Malaysia) Bhd expects to perform better in its current financial year ending January 31, 2016 (FY16), driven by the RM1.1 billion Ampang LRT extension works contract under its engineering segment and the expansion of its metering segment.
“Barring any unforeseen circumstances, we should do a lot better this year, not only due to the LRT project, but also the metering division and other construction contracts,” George Kent executive director Bernie Ooi told the press after a media visit to the company’s factory today.
Currently, the company’s order book stands at RM1.5 billion, while also tendering for other projects worth a total of RM10 billion.
In FY15, George Kent reported a 22% fall in net profit to RM28.07 million, from RM36.21 million, while revenue declined 30% to RM353.16 million from RM506.30 million.
George Kent – Lion Pacific JV deputy project director Jonathan Goddard said the Ampang LRT extension contract, which entails the engineering, procurement, construction, testing and commissioning of system works, is on track to meet its March 2016 deadline, despite a reschedule in works.
“Due to the rescheduling, we will be working on several aspects concurrently, rather than sequentially,” said Goddard, adding that the works for the extended railway line are at 60% completion.
With the rescheduling in works, he said the value of the contract could potentially exceed RM1.1 billion, due to the procurement of new equipment and other additional works for the project.
George Kent closed unchanged at RM1.27 today, which gives it a market capitalisation of RM381.52 million.
http://www.theedgemarkets.com
April 21, 2015 : 6:29 PM MYT
KUALA LUMPUR (Apr 21): Infrastructure engineering firm George Kent (Malaysia) Bhd expects to perform better in its current financial year ending January 31, 2016 (FY16), driven by the RM1.1 billion Ampang LRT extension works contract under its engineering segment and the expansion of its metering segment.
“Barring any unforeseen circumstances, we should do a lot better this year, not only due to the LRT project, but also the metering division and other construction contracts,” George Kent executive director Bernie Ooi told the press after a media visit to the company’s factory today.
Currently, the company’s order book stands at RM1.5 billion, while also tendering for other projects worth a total of RM10 billion.
In FY15, George Kent reported a 22% fall in net profit to RM28.07 million, from RM36.21 million, while revenue declined 30% to RM353.16 million from RM506.30 million.
George Kent – Lion Pacific JV deputy project director Jonathan Goddard said the Ampang LRT extension contract, which entails the engineering, procurement, construction, testing and commissioning of system works, is on track to meet its March 2016 deadline, despite a reschedule in works.
“Due to the rescheduling, we will be working on several aspects concurrently, rather than sequentially,” said Goddard, adding that the works for the extended railway line are at 60% completion.
With the rescheduling in works, he said the value of the contract could potentially exceed RM1.1 billion, due to the procurement of new equipment and other additional works for the project.
George Kent closed unchanged at RM1.27 today, which gives it a market capitalisation of RM381.52 million.
http://www.theedgemarkets.com
