Eversendai executive chairman and group managing director Tan Sri A K Nathan.
KUALA LUMPUR: Eversendai Corp Bhd
posted a net loss of RM 50.42mil in the first quarter ended March 31, 2016, compared with a net profit of RM19.4mil posted a year ago, as it registered financial asset fair value losses.
“The group’s loss for the first quarter was mainly due to higher loss resulting from fair value of financial assets and unrealised foreign exchange loss, without which would have been a profit of RM24.2mil,” the company said in a statement.
Its revenue for the quarter, however, rose to RM440.72mil from RM402.77mil. Loss per share in the first quarter stood at 6.52 sen compared with 2.51 earnings per share previously.
The engineering and construction firm said its current strong order book of RM2.2bil provided the group with solid earnings visibility and it would continue to focus its efforts and initiatives to propel the future growth.
“The group is optimistic about its future prospects based on the announcement of several major projects secured in the first quarter of 2016. Amongst the new projects secured include the contracts for Merdeka PNB 118 and a mixed-Use development project in Malaysia, a 600MW coal-fired power plant in Thailand, Al Maryah Central in Abu Dhabi and Dubai Eye.
“Eversendai is confident that it will be securing more prominent projects in the near future and have simultaneously strategically positioned the group to perform well in 2016 and the years ahead,” the company said.
Executive chairman and group managing director Tan Sri AK Nathan said already seeing progress in its decision to move and expand into the oil and gas sector which has contributed to
26.2% of the group’s revenue, as compared to 14.7% in the first quarter of 2015.
“We have bid for contracts worth over RM12bil in this sector and this is only the beginning as we look forward to securing a stronger footing within this industry,” he added.
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