Kimlun is a specialist in tunneling lining segments
KUALA LUMPUR: Kimlun Resources Bhd posted lower net profit of RM61.14mil for its financial year ended Dec 31, 2018 but it remained positive for 2019 as its order book was expected to support its performance.
It reported on Thursday it has an estimated construction and manufacturing balance order book of RM1.9bil and RM300mil respectively as at end-2018, contributed by numerous construction contracts and supply contracts.
“Our on-going projects and sales orders comprise of contracts secured from, amongst other, Lebuhraya Borneo Utara Sdn Bhd, MMC Gamuda KVMRT (UGW) Joint Venture, UEM Sunrise Bhd
Group, Sunway Iskandar Sdn Bhd, Hillcrest Gardens Sdn Bhd and China Railway First Group Co.Ltd,” it said in notes to the accounts.
Kimlun also said its unit SPC, with its strong track record in Singapore, was well positioned to compete for further potential sales orders from future MRT and sewerage projects
SPC supplies tunnel lining segments (TLS) to Singapore MRT projects since 2006. It secured approximately 40% of the total TLS orders of the Downtown Line 2, the on-going Downtown Line 3 and Thomson Line.
SPC has also been a frequent supplier of jacking pipes and IBS components to various projects in Singapore.
Kimlun's net profit for FY18 fell by 10.7% to RM61.14mil from RM68.48mil in FY17 due to lower earnings from the construction and property development though there was an increase in the manufacturing and trading division
However, its revenue increased by 2.7% to RM1.01bil from RM985.19mil due to the manufacturing and trading division, partly offset by a decline in revenue from the construction and property development divisions.
In the fourth quarter, its net profit fell by 4.7% to RM22.95mil from RM24.08mil a year ago. Its revenue declined by 16.5% to RM310.73mil from RM372.13mil.
Earnings per share were 6.91 sen compared with 7.53 sen. Its dividend per share was 3.7 sen compared with 5.5 sen.
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