Eversendai reports Q2 net profit of RM20.6m

PETALING JAYA: Eversendai Corp Bhd made a net profit of RM20.6 million for the second quarter ended June 30, 2017, in the absence of impact on fair value of financial assets of RM101.7 million accounted for in the same quarter in 2016.

Eversendai registered a net loss of RM21.3 million for the second quarter ended June 30, 2016.

Revenue for the quarter was 10.5% higher at RM465.9 million for the quarter under review, from RM 421.6 million for the same quarter in the preceding year.

For the six month period Eversendai made a net profit of RM35.9 million, compared with a net loss of RM71.7 million for the same period in 2016. This was on marginally lower revenue of RM861.8 million for the quarter, compared with RM862.3 million for the same period in 2016.

In a filing with Bursa Malaysia, Eversendai, which has bagged RM1.4 billion new contracts in the first six months of the year, said it is confident to achieve higher revenue and profitability going forward.

As at June 30, 2017, the group's order book stood at about RM2.7 billion.

About 46.3% of the order book came from the group's traditional stronghold in the Middle East region and the Commonwealth of Independent States, 20.5% from Malaysia, 21.7% from India and the remaining 11.5% are from the Oil & Gas segment.

The group's share price was down two sen at RM1.05 as at 12.30pm today, with some 666,000 shares changing hands.