Sarawak Cable unit secures RM81mil job

KUALA LUMPUR: Sarawak Cable Bhd’s wholly-owned subsidiary, Trenergy Infrastructure Sdn Bhd, has received a letter of acceptance from Tenaga Nasional Bhd for the installation of the double circuit 500kV overhead transmission line from Alor Gajah to Bahau South (Melaka).

In a filing with Bursa Malaysia, it said the project was valued at RM81.368mil. 

The project is expected to contribute positively to the earnings and net assets of the Sarawak Cable group for the financial years ending Dec 31, 2017 to 2019.

Sarawak Cable also announced its financial results on Wednesday. 

For its first quarter to March 31, 2017, the company’s net profit increased 8.35% to RM3.87mil on the back of a 30.9% drop in revenue to RM251.85mil.

The company said the higher net profit was due to better demand for the power and communications cable.

Earnings per share increased to 1.22 sen from 1.13 sen previously.