Hock Seng Lee Q2 net profit higher at RM16.43m

  • Corporate News
  • Thursday, 22 Aug 2019

Sarawak-based infrastructure company Hock Seng Lee Bhd said value of projects in hand remained at an historical high of RM3.3bil.

KUALA LUMPUR: Sarawak-based infrastructure company Hock Seng Lee Bhd posted higher net profit of RM16.43mil in the second quarter ended June 30,2019 underpinned by higher revenue from its construction projects.

It said on Thursday the net profit increased by 16.4% from the RM14.12mil a year ago. Its revenue increased by 13.7% to RM175.41mil from RM154.24mil a year ago. Earnings per share were 2.99 sen compared with 2.57 sen. It declared an interim dividend of one sen a share, similar to a year ago.

In the first half, its net profit rose by 9.4% to RM30.52mil from RM27.89mil in the previous corresponding period. Its revenue was up by 12.6% to RM322.13mil compared with RM286mil.

HSL said value of projects in hand remained at an historical high of RM3.3bil.

Its managing director Datuk Paul Yu Chee Hoe said earlier this week, it secured the RM104.51mil Jalan Sg. Bidut/Kpg. Tutus/Kpg. Sebedil/Kpg. Bungan Kecil, Sibu Division, roadworks contract from the Sarawak Government.

“This is on top of the Batang Paloh Bridge Project (Package 3 of Coastal Road Project) worth RM299mil secured in April 2019 and several smaller sized projects for buildings and bridge construction in Sibu which have now added a total of RM605.50mil worth of new projects to our books thus far in 2019, ” he said.

Yu said HSL had secured a roadworks project contract in Sibu where it would use its marine engineering expertise and large fleet of specialised equipment.

“The project is part of the RM6.05bil allocated for rural development by the Sarawak government and will enable a better access route for several villages strung along the low-lying riverine terrain beside the Igan River, ” he said.

The scope of works includes piling, earth and sand filling, geotechnical works, drainage and road pavement.

“This new project has tipped the value of projects in hand over the RM3.2bil mark to RM3.3bil, of which some RM2.5bil is unbilled, ” said Yu said.

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