HSS aims to be part of Sarawak’s growth story


Executive vice-chairman Tan Sri Kuna Sittampalam (pic) said in the statement that the group is making good progress with the ECRL, where it is involved in various engineering design phases and construction supervision for different packages.

PETALING JAYA: HSS Engineers Bhd’s net profit for its third quarter ended Sept 30,2020 rose to RM2.79mil from RM874,000 in the previous corresponding period, on the back of higher revenue contribution from major ongoing projects.

The engineering and project management consultant firm said revenue in the third quarter increased to RM42.04mil from RM36.13mil in the previous corresponding period.

“The group’s revenue expansion was mainly from the engineering services segment, consisting of engineering design and construction supervision, which grew 16.2% to RM34.9mil in the third quarter of 2020 from RM30mil a year ago.

“This is due to contributions from major ongoing projects such as the East Coast Rail Line (ECRL) scheme and preliminary design, and the Iskandar BRT detailed design works, ” HSS said in a filing with Bursa Malaysia.

For the nine-month period ended Sept 30,2020, HSS reported a net profit of RM7.72mil compared with a net loss of RM1.60mil previously while revenue grew to RM124.88mil from RM108.09mil a year earlier.

“The group’s unbilled order book as at Sept 30,2020 stood at RM487.9mil, to be recognised progressively for the next two to five years, comprising works for urban transportation for railway and highways, as well as water and other crucial infrastructure projects.

“These include works for the ECRL, Iskandar BRT, Pan Borneo Highway, Westports, Mass Rapid Transit 2: Putrajaya Line (previously known as Sungai Buloh-Serdang-Putrajaya Line), Langat 2 Water Supply Scheme and Kwasa Damansara, ” it said.

Executive vice-chairman Tan Sri Kuna Sittampalam said in the statement that the group is making good progress with the ECRL, where it is involved in various engineering design phases and construction supervision for different packages.

Kuna said the group anticipated further rollout of potential works in the near future.

“The Iskandar BRT project, secured in December 2019, is progressing well with detailed design expected to be completed in the first quarter of next year and hence will contribute positively towards the financial performance of the group in 2020 and 2021.

“The continuation of the construction of the Pan Borneo Sabah augurs well for us as we are currently the independent consulting engineers appointed by the Works Ministry for the project.”

Kuna added that HSS is keeping a keen eye on Sarawak and hoped to position the group favourably to be part of the state’s growth story, believing that the state will be a major beneficiary from Indonesia’s decision to build its new capital city in Kalimantan.

“We have completed the feasibility studies for a proposed light rapid transit system network in Kuching under the Sarawak Metro project and anticipate detailed engineering design consultancy works for Phase 1 to be rolled out in the first quarter of 2021.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3
   

Did you find this article insightful?

Yes
No

100% readers found this article insightful

Next In Business News

Quick take: BTM rises 5.8% on technical buy
JHM to post earnings growth on recovering demand
Hong Leong Bank props up KLCI amid cautious broader market
Quick take: O&G shares up as crude oil hit 1-year peak
Trading ideas: Sasbadi, MPHB Capital, Sunway, Lotte Chemical Titan
TSH to see core earnings growth in FY21, says Maybank IB
US 10-yr Treasury yield to hit 1.9% by year end
Japan plans to extend Tokyo area state of emergency to March 21
Oil price scales 1-year peak as OPEC+ rolls over output for April
Fed pledges patience, says easy policy appropriate

Stories You'll Enjoy


Vouchers