Eversendai 1Q net loss narrows to RM3.84mil

KUALA LUMPUR: Eversendai Corp Bhd’s net loss narrowed to RM3.84mil in the first quarter ended March 31 from RM10.14mil in the same quarter a year ago.

Its revenue rose 36.3% to RM311.37mil in the first quarter against RM228.49mil last year. It posted a pre-tax loss of RM1.25mil during the quarter from RM9.72mil a year ago.

Eversendai said the increase in revenue was mainly due to higher progress billings from the ongoing and new projects commenced during the current period under review in the energy segment followed by India and the Middle East region.

The engineering services group said the improvement in pre-tax loss was primarily due to a significant reduction in operating and administrative expenses of RM15.9mil or 42.4%, from RM37.5mil in the previous year’s corresponding period to RM21.6mil in the current period under review as an outcome of better management of expenses and cost control actions taken.

The reduction in the pre-tax loss was also attributable to an increase in other income mainly from sales of scrap.

“The group has set off to a great start this year with an impressive order book worth RM1.8bil in hand and tender book is estimated at approximately RM11.59bil with interesting prospective projects in the pipeline.

“The group has won two new projects in the current quarter under review worth RM51.4mil via our subsidiaries in Singapore, Dubai, and United Arab Emirates,” Eversendai said in the notes accompanying its financial results.

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