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Published: Monday November 26, 2012 MYT 1:18:00 PM

Zecon posts Q3 net loss RM2.91m from additional costs for project

KUALA LUMPUR: Construction-based Zecon Bhd posted net loss of RM2.91mil in the third quarter ended Sept 30, 2012 in contrast with the net profit of RM1.91mil a year ago due to additional costs involving an on-going project.

It said on Monday revenue fell 13.9% to RM31.67mil from RM36.81mil a year ago while loss per share was 2.44 sen compared with earnings per share of 1.6 sen.

Zecon posted loss before tax of RM3.35mil compared with profit before tax of RM1.80mil a year ago.

In the second quarter, it posted profit before tax of RM490,000.

For the nine-month period, it recorded net loss of RM5.01mil compared with net profit of RM679,000 in the previous corresponding period. Revenue increased 27.8% to RM109.32mil from RM85.48mil. On the outlook, Zecon expected lower revenue for ongoing projects to be offset by the increase in revenue from the possible disposal of properties.

"The proposed Petra Jaya General Hospital with a contract value in excess of RM500mil is in the final stage of price negotiation," it said.

Zecond also said the toll operations should be able to enhance its contribution to the group's revenue targeting at least a 6% increase in 2013 due to more activities in the surrounding area.

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