KUALA LUMPUR (Feb 28): Steel contractor Eversendai Corporation Bhd recorded profits of RM36.42 million for the fourth quarter ended Dec 31, 2011, due to higher revenue from current on-going projects.
It said on Tuesday its revenue was RM313.29 million while earnings per share were 5.41 sen.
Eversendai attributed higher project revenue recognition in the quarter from current on-going projects as the reason for its performance.
Current projects include the New Doha International Airport and Doha Convention Center and Tower in Qatar, as well as, the King Abdullah Petroleum Studies & Research Center and CMA TOwer in Saudi Arabia.
Eversendai group MD and executive chairman Datuk AK Nathan said the company was optimistic about its prospects based on the order book in excess of RM1 billion in hand.
“It is evident that with the diverse and strong order book, the Group is looking towards performing well in FY 2012 and going forward. The group is also not solely dependent on any specific sector and or client with its wide geographical spread, number of projects, repeat clients and large client base of the current order book," he said.
The group derives 86.3% of its revenue from its Middle East operations in the United Arab Emirates, Saudi Arabia and Qatar, while its India and Malaysia operations contributed 6.3% and 7.4% respectively.
“With a solid performance for FY2011 under our belt, we are optimistic the group is on target for another strong financial year in FY2012. Riding on our strong track record and proven execution capabilities, we are well positioned to capitalise on the increased business opportunities," Nathan added.
For the financial year ended Dec 31, 2011, revenue was RM1.03 billion, while profits were RM119.45 million.
It said on Tuesday its revenue was RM313.29 million while earnings per share were 5.41 sen.
Eversendai attributed higher project revenue recognition in the quarter from current on-going projects as the reason for its performance.
Current projects include the New Doha International Airport and Doha Convention Center and Tower in Qatar, as well as, the King Abdullah Petroleum Studies & Research Center and CMA TOwer in Saudi Arabia.
Eversendai group MD and executive chairman Datuk AK Nathan said the company was optimistic about its prospects based on the order book in excess of RM1 billion in hand.
“It is evident that with the diverse and strong order book, the Group is looking towards performing well in FY 2012 and going forward. The group is also not solely dependent on any specific sector and or client with its wide geographical spread, number of projects, repeat clients and large client base of the current order book," he said.
The group derives 86.3% of its revenue from its Middle East operations in the United Arab Emirates, Saudi Arabia and Qatar, while its India and Malaysia operations contributed 6.3% and 7.4% respectively.
“With a solid performance for FY2011 under our belt, we are optimistic the group is on target for another strong financial year in FY2012. Riding on our strong track record and proven execution capabilities, we are well positioned to capitalise on the increased business opportunities," Nathan added.
For the financial year ended Dec 31, 2011, revenue was RM1.03 billion, while profits were RM119.45 million.
