Anzo back to the black in Q4. explores property development

PETALING JAYA: Construction and timber products manufacturing firm Anzo Holdings Bhd, which swung to the black for the fourth quarter (Q4) ended March 31, 2017, on the back of higher revenue, is exploring opportunities in property development.
Just over a month ago, Anzo announced that it received a letter of intent from KL Northgate Sdn Bhd to award it, alongside MCC Oversea (M) Sdn Bhd, with a RM1.21 billion job for a mixed development in Gombak, Selangor.
Anzo managing director Datuk Eddie Chai Woon Chet is a major shareholder in KL Northgate, a property development and construction company.
Anzo made a net profit of RM1.27 million for the quarter under review, against a net loss of RM3.84 million in the previous corresponding period, after multiple quarters of losses.
Revenue increased more than five fold to RM7.58 million compared with RM1.4 million in the same period last year.
In a filing with Bursa Malaysia yesterday, the group said the improvement was mainly due to construction billings from Porto De Melaka project amounting to RM5.7 million, reversal on provision for doubtful debts of RM1.3 million and no further inventory write down during the quarter.
For the 12 months, its net loss narrowed to RM4.63 million, from RM10.85 million a year ago, on the back of a revenue of RM12.26 million from RM6.11 million previously.
Chai said with a total construction order book of RM301 million to date, the group is expected to sustain its current momentum and meet its strategic objective to turn profitable for the financial year ending March 31, 2018.