Eversendai returns to the black in 1Q

KUALA LUMPUR: Eversendai Corp Bhd is optimistic of its future prospects but remains cautious of the global geopolitical and economic uncertainties.

“With the group’s strong order book of RM1.9bil and comprehensive reorganisation exercise undertaken with a strong focus on optimisation of costs and improving efficiency in its operations, the group believes that the path of recovery is in motion.

“The group is also in the process of restructuring its borrowings to strengthen its liquidity position,” Eversendai said in a filing with Bursa Malaysia.

Eversendai foresees increased utilisation of all the fabrication facilities with the existing order book and highly potential iconic projects in the tender book and ultimately improving its profitability.

The construction group returned to the black with a net profit of RM1.2mil in the first quarter ended March 31 compared with a net loss of RM29mil a year earlier.

Earnings per share stood at 0.15 sen against loss per share of 3.72 sen.

Revenue for the quarter jumped 37.5% to RM307.3mil versus RM223.5mil last year.

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