Eversendai feels impact of lower revenue, unrealised forex losses

30 Jun 2020 / 21:01 H.

PETALING JAYA: Eversendai Corp Bhd saw a net loss of RM10.15 million for the the first quarter ended March 31, from a net profit of RM11.41 million in the previous corresponding quarter, as the group’s operating segments posted lower revenues, partly due to lockdown measures taken to contain the Covid-19 pandemic, as well as unrealised foreign exchange losses amounting to RM11.4 million.

Revenue was RM228.5 million, 42.8% lower from RM399, 63 million previously.

As of June 30, the group‘s order book value stood at a historical high of RM2.9 billion.

Approximately 44.5% of the order book came from Eversendai’s traditional stronghold in the Middle East region, 29.2% from India, 14.5% from Southeast Asia region and the balance 11.8% from the energy sector.

Looking ahead, the group said the initiatives taken in previous year to expand the its businesses regionally has begun to contribute positively and will continue to broaden its earnings base in the coming years.

“Notwithstanding potential headwinds from a slowdown in global trade and global pandemic, the management are cautiously optimistic that financial status of the group will remained healthy in 2020. Also, with the record high outstanding order book in hand, the group could unlock its value into revenue gradually in the coming years,” it said.

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