Scomi Engr Q1 pre-tax profit improves to RM19.9m
Published: 2009/05/13
SCOMI Engineering Bhd registered an improved pre-tax profit of RM19.902 million for the first quarter ended March 31, 2009. This compared to RM10.639 million posted in the same quarter of 2008. During the quarter, revenue rose to RM126.772 million compared to RM96.674 million previously, the company said in a filing to Bursa Malaysia today. In a separate statement, Scomi Engineering said it recorded a 31 per cent growth in terms of revenue and 116 per cent growth in net profit, attributing the stronger results to contribution from the work in progress of Mumbai monorail project.
Published: 2009/05/13
SCOMI Engineering Bhd registered an improved pre-tax profit of RM19.902 million for the first quarter ended March 31, 2009. This compared to RM10.639 million posted in the same quarter of 2008. During the quarter, revenue rose to RM126.772 million compared to RM96.674 million previously, the company said in a filing to Bursa Malaysia today. In a separate statement, Scomi Engineering said it recorded a 31 per cent growth in terms of revenue and 116 per cent growth in net profit, attributing the stronger results to contribution from the work in progress of Mumbai monorail project.
The company said international operations continued to contribute to the majority of its revenue with 72 per cent in contribution for the first quarter of 2009. It said the contribution was led by India through the commencement of the Mumbai monorail project followed by Singapore, Indonesia, Australia, Brunei and Thailand for its machine shop business. As part of its marketing exercise, the company will continue to seek opportunities on rail related projects in various cities in India, the Middle East, Nigeria and Brazil. It said despite the volatility in oil prices, the machine shop division would continue to increase its machine utilisation to generate optimum revenue from the extensive network of machine shop in 10 locations. Today, Scomi Engineering also announced two key changes in its management.
Its group chief executive officer Shah Hakim@Shahzanim Zain will now be executive director for the group effective today. Meanwhile, former group chief financial officer Hilmy Zaini Zainal has been appointed as president and chief executive for the group. -- Bernama