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KUALA LUMPUR: Eversendai Corp Bhd posted a net profit of RM20.6mil in the second quarter ended June 30, compared with a net loss of RM21.28mil a year ago.

Its pre-tax profit was higher at RM25.7mil in the second quarter when compared to the loss before tax of RM18.8mil recorded in preceding year’s corresponding quarter.

“The loss in preceding year’s corresponding quarter mainly due to provision for impairment in investment in Technics shares and unrealised foreign exchange losses taken up during the period,” Eversendai said in the notes accompanying its financial results.

It registered an 18% increment in revenue compared to the immediate last quarter, which are RM465.9mil and RM396mil respectively.

For the first six months to June 30, Eversendai posted a net profit of RM35.87mil on revenue of RM861.8mil.

In a separate statement, Eversendai said its businesses in the UAE contributed 56.4% equivalent to RM485.9mil, to the group’s total revenue while business in home ground Malaysia contributed 11.4% to the revenue for the period ended June 30.

The oil and gas sector contributed 15.9% to the total revenue of this quarter. Business in the Indian Subcontinent contributed 13.9% to the group’s revenue while the remaining revenue comes from operations in Singapore and Thailand.

“To date, the group has secured RM1.38bil worth of projects from early 2017 bringing its order book up to RM2.7bil,” Eversendai said.

It added that bulk of its orderbook came from Middle East with this region bringing in 46.3% of the order book while 20.5% comes from Malaysia. 21.7% comes from India and the remaining 11.5% is from the oil and gas segment.

“With the current order book in hand, the group is confident to achieve higher revenue and profitability going forward,” it said.


http://www.thestar.com.my/business/business-news/2017/08/28/eversendai-posts-q2-earnings-of-rm20mil/
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