Pansar upbeat on its FY20 performance

  • Corporate News
  • Wednesday, 25 Sep 2019

KUALA LUMPUR: Pansar Bhd, an engineering solutions provider, is cautiously upbeat over its financial performance in the near-term on the back of oncoming infrastructure projects, the expected recovery in oil prices, stabilising palm oil prices, as well as its ongoing internal streamlining exercises.

"The expected recovery of oil prices will create more business activity in the market which is expected to benefit our marine and industrial engineering segment.

“We have a healthy order book and we anticipate more orders to be forthcoming. This segment remains the second largest contributor to the company's revenue, accounting for 22.2% in the financial year ended March 31,2019 (FY19)," the group said in a statement Wednesday.

Pansar said it is currently bidding for infrastructure-related projects which shall give a revenue boost.

In May this year, Pansar’s wholly-owned subsidiary, Pansar Engineering Services Sdn Bhd was awarded the Sibu Flood Mitigation Project Phase 3 that is worth RM78mil by Kiasan Engineering Sdn Bhd.

The project is already ongoing, and it is expected to contribute to the company’s top and bottom line in FY2020 and FY2021.

"Moving forward, the company said it is looking to grow its business both organically and inorganically.

"It is regularly on the lookout for acquisition targets that can help complement the current business and expand revenue streams, ” it added.

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