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Published: Monday November 26, 2012 MYT 2:19:00 PM

Eversendai Q3 earnings dip 3.5% to RM25.5m, new contracts RM924m

KUALA LUMPUR: Eversendai Corporation Bhd's slipped 3.5% to RM25.51mil in the third quarter ended Sept 30, 2012 from RM26.44mil a year ago but it was upbeat about the outlook, with new contracts valued at RM923.9mil.

It said on Monday its revenue declined 5.5% to RM240.25mil from RM254.41mil. Earnings per share were 3.30 sen compared with 3.42 sen. It declared an interim dividend of 2.0 sen per share.

Eversendai's earnings for the nine-month period were flat at Rm83.25mil compared with RM83.03mil a year ago. However, its revenue grew 3.7%, or RM26.50mil, to RM746.91mil.

"With over 20 on-going projects, the group's revenue continued to be predominantly driven by its operations in the Middle East, which accounted for 68.9% of its revenue portfolio," it said.

The company said revenue from operations in Malaysia and India contributed 15.6% and 15.5% respectively. Major on-going projects in Malaysia include the 1,000MW Manjung Coal-Fired Power Plant and 1,000MW Tanjung Bin Coal-Fired Power Plant while sizeable projects in India are Worli Mixed Use Development, Mumbai and EMCO Thermal Power Project, Maharashtra.

"Todate, the group has successfully secured new contracts with a total value of RM923.9mil and is targeting to exceed last year's total value of new contracts won amounting to RM1.07bil.

"With a current order book of RM1.5bil, power plant projects account for the largest portion at 36.4% (or RM558mil), followed closely by structural steel projects at 36.3% (or RM556.5mil) and civil construction projects at 27.3% (or RM419.1mil).

Of the order book, 45.5% was from operations in the Middle East, 35.6% from Malaysia and 18.9% from India.

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