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Tuesday, November 25, 2014

Engtex eyes double-digit revenue growth in FY15

Source: http://www.theedgemarkets.com/en/node/171474

KUALA LUMPUR (Nov 25): Integrated pipe maker Engtex Group Bhd is aiming for a double-digit revenue growth for the financial year ending Dec 31, 2015 (FY15) as it expects a construction boom in Malaysia will boost demand for new pipelines.

Engtex group managing director Datuk Ng Fook said the country is seeing a strong demand for new pipelines estimated at some 4,000km to 5,000km per year.

This growth equates to RM1 billion worth if new pipe laying jobs per year, he added.

He also sees Engtex's revenue growth boosted by the need for pipe replacement throughout the country.

For the first half of this year, the group saw a 9.8% decline in net profit to RM25.31 million from RM28.06 million a year ago, although revenue was up 7.8% to RM591.57 million from RM548.7 million.

Engtex had attributed the lower net profit to market price competition for certain manufactured steel products and higher operating cost of its ongoing Emerald Avenue mixed commercial development project in Selayang, Selangor.

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