EPCC losses drag SCIB into the red 

KUALA LUMPUR: Sarawak Consolidated Industries Bhd (SCIB) fell into the red in the Apr-June quarter due to losses suffered by its engineering, procurement, construction and commissioning (EPCC) division.

"The loss during the current quarter under review was mainly due to increase in project cost and impairment loss of RM14.4mil," SCIB said in a filing today.

"Additional provision of project costs has been made as a result of repositioning of business strategy in oversea projects," it added.

The company posted a net loss of RM19.5mil on revenue of RM161mil.

Year-to-date, SCIB’s order book value stood at RM1.6bil.

"This translates into a healthy earnings visibility up to 2030," it said.

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