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Friday, June 13, 2014

Gadang bags RM350mil Rapid job


PETALING JAYA: Petronas Refinery and Petrochemical Corp Sdn Bhd has awardedGadang Holdings Bhd a RM350mil contract to undertake site preparation works in Pengerang, Johor.
The phase two of the site preparation work at the Refinery and Petrochemical Integrated Development (Rapid) project is targeted for completion by Sept 30, 2015.
“The contract is expected to contribute positively to the earnings of Gadang group for the financial years ending May 31, 2015 (FY15) and FY16,” it said.
This is the second site preparation work secured by Gadang at the Rapid project.
Gadang’s net profit leaped 431.9% for the third quarter ended Feb 28 to RM19.23mil from RM3.62mil a year earlier, due to contributions and margin improvement from its construction and property segments, as well as a disposal of an indirect subsidiary in Indonesia.
Its revenue for the quarter jumped 67.8% to RM147.5mil from RM97.87mil previously.
For the nine-month period, Gadang recorded a net profit of RM34.6mil from RM18.4mil in the same period a year ago. Its revenue increased to RM402mil from RM259mil previously.

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