Eversendai posts 3Q net loss of RM35.8m

KUALA LUMPUR: Eversendai Corporation Bhd posted net loss of RM35.88mil in the third quarter ended Sept 30, 2020 which was a stark contrast with the net profit of RM1.47mil a year ago due to the Covid-19 pandemic lockdown.

The structural steel works company said on Monday the decrease was mainly due to delayed progress on planned sites.

Its revenue fell by 36.9% to RM260.48mil from RM413.46mil a year ago. Loss per share was 7.97 sen compared with earnings per share of 0.19 sen.

For the nine months, its net losses were RM72.35mil compared with net profit of RM20.98mil in the previous corresponding period. Its revenue slumped by 42.8% to RM681.54mil from RM1.19bil.

Eversendai’s loss after tax was RM69.2mil. The businesses in the Middle East region contributed 58.3 % of the total revenue of RM681.5mil.

Its operations in Southeast Asia accounted for 18%, India 15.5% and energy segment 8%.

The lower revenue achieved in the current financial period was due to delayed progress on planned sites attributable to the Covid-19 pandemic lockdown.

Eversendai said the group’s order book was RM2.7bil where 41.9% of was from the Middle East region, 31.4% from India, 10.2% from Southeast Asia region, 3.8% from North Africa and the balance 12.7% from energy sector.

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