4:53 PM (10 minutes ago)
SARAWAK-BASED infrastructure specialist Hock Seng Lee Bhd (HSL), has registered a 39 per cent increase in pre-tax profit to RM20.67 million for the third quarter ended Sept 30, 2009 from RM14.82 million in the same period last year. Its revenue was 28 per cent higher at RM101.73 million from RM79.64 million previously. "We have had a very productive quarter with our wastewater project in Kuching in full swing and many road and building construction projects also progressing well. "With the economic stimulus packages and the Sarawak Corridor for Renewable Energy projects flowing down to the tendering stage, we are hopeful of further opportunities that draw on our infrastructure expertise," HSL's group chairman Datuk Idris Buang said in a statement here on Thursday. As at the end of September this year, HSL group had RM1.8 billion projects in hand, with RM1.25 billion unbilled. Pre-tax earnings and revenue for the group were also up on a year-to-date basis. The pre-tax profit stood at RM51.75 million on revenue of RM261.71 million for the nine months to Sept 30, 2009. HSL's pre-tax profit and revenue for the previous corresponding period were RM41.63 million and RM221.70 million respectively. "This leads me to be very optimistic on the year-end results," Idris said. On Kuching's central wastewater management system project, HSL said it is expected to be implemented in four phases at an estimated cost of RM2 billion. The first phase of the project, which HSL and its consortium partners begin in October 2008, will take four years to complete. It involves the laying of the main sewer line, the commissioning of the wastewater treatment plant and connections to commercial and residential properties in the central business district and its surrounds. Meanwhile, wholly-owned subsidiary Hock Seng Lee Construction Sdn Bhd, has continued its path of innovation and increased its activities recently. On Nov 7, it launched its inaugural guarded and gated estate called, "The Leaf",which has a gross development value (GDV) of some RM33 million. - BERNAMA
