Tuesday, November 28th, 2017
DUBAI, Nov 28 ― Budget carrier AirAsia India expects revenue to double to 12 billion Indian rupees (RM763.2 million) this calendar year, and triple to 18 billion rupees in 2018, its chief executive said today. The airline, a tie-up between…
NEW YORK, Nov 28 ― The S&P and the Dow hit records at the open today, led by gains in technology stocks, with investors also focusing on Federal Reserve chair nominee Jerome Powell’s confirmation hearing and progress on the US tax bill. The…
JAKARTA, Nov 28 ― Indonesia’s central bank is planning to issue new rules as it seeks to improve credit distributions by banks and improve their liquidity management, Governor Agus Martowardojo said during its annual bankers dinner today….
PETALING JAYA: Advancecon Holdings Bhd’s wholly owned subsidiary Advancecon Infra Sdn Bhd (AISB) has been appointed main contractor for RM75.5 million worth of infrastructure works (Package 1) for the South Klang Valley Expressway (SKVE).
In a filing with Bursa Malaysia today, Advancecon said the contract awarded by SKVE Holdings Sdn Bhd is for the proposed construction of the Tanjung Dua Belas junction at KM28.7 of SKVE in Kuala Langat.
The scope of works comprise demolition, site clearance and earthworks; soil treatment/improvement works; bridge works and inlet/outlet works; drainage works; pavement works; road furniture; environmental protection works; traffic management and control; as well as street lightings and mechanical and electrical infrastructure.
Site mobilisation is expected on Dec 1, 2017, followed by site possession and date of commencement on Jan 2, 2018. The works are expected to be completed by Dec 31, 2019.
The contract is expected to contribute positively towards the earnings of the group in the financial years ending Dec 31, 2017 till 2019. The group intends to fund the contract via internally generated funds and/or external borrowing.
Advancecon group CEO Datuk Phum Ang Kia said the group has invested heavily in expanding its machinery fleet and human resource capabilities, boasting more than 430 units of machinery compared with 320 at the start of the year, and a workforce exceeding 650 employees.
The latest contract brings the group’s total new wins year-to-date to RM170.8 million, boosting Advancecon’s current order book to RM603.4 million to be fulfilled over the next two to three years.
Advancecon closed 1 sen or 0.96% higher at RM1.05 today with a total of 369,100 shares traded.
PETALING JAYA: Gunung Capital Bhd, which reported a net loss of RM2.4 million in the third quarter ended Sept 30, 2017, is optimistic a two-year contract extension to the existing National Service agreement will be secured by end of the year.
The company made a net profit of RM79,000 in the quarter ended Sept 30, 2016.
In a filing with Bursa Malaysia today, the group said its operating profit from the transportation segment for the quarter was substantially lower than in the previous year, with higher operating costs due to full utilisation of the group’s fleet of vehicles and outsourcing vehicles from third party coach operators to support service-contract requirements.
Revenue for the quarter was slightly higher by 1.7% to RM10.7 million, compared with RM10.52 million in the same period last year, underpinned by contract revenues from the National Service Programme and the Defence Ministry contract to ferry school children.
On its prospects, the group said management will continue efforts and investment to secure additional contracts in chartering land-based transportation assets and specialty vehicles and improve operating efficiencies, as its main strategy for the transportation division.
“The management is optimistic that by end FY2017 a contract extension for the existing National Service Program service- contract for an additional two years, comprising of FY2018 and FY2019, will be secured. This will underpin the group’s prospective contract-revenues,” it added.
For the nine months period, its net profit widened to RM3.9 million, from RM25,000 a year ago, while revenue grew slightly by 2.3% to RM31.2 million, from RM30.5 million previously.
The group slipped 2.53% to 38.5 sen today with some 20,000 shares traded.
PETALING JAYA: Mattan Engineering Sdn Bhd has been appointed the engineering, procurement, construction and commissioning (EPCC) contractor by Solar Management Sdn Bhd under a contract worth RM285 million.
The contract was a beneficiary of the granting of financial close by Malaysia Building Society Bhd (MBSB) to Solar Management for the large-scale solar 50MWac photovoltaic generation facility.
Mattan, an EPCC solutions provider for renewable energy (RE) infrastructure, will undertake the designing, construction and operation works of the facility located in Rembau, Negri Sembilan, which is scheduled for completion by Nov 30, 2018.
“We are very happy and proud to be appointed as the turnkey EPCC contractor by Solar Management. This contract win is a ringing endorsement of our expertise and capability in the RE infrastructure space in Malaysia.
“To date, Mattan has a combined total of 69MW of RE projects completed, including this 50MWac solar farm which is one of the largest solar farms in the country,” Mattan executive chairman Levin Tan said in a statement today.
He said the group has a proven track record in providing technical assistance, licensing, engineering, procurement, supply, construction management, construction, commissioning, start-up and testing services and in possessing the requisite expertise and resources to undertake multi-disciplinary RE projects, and to complete this contract undertaking.
“Going forward, there are a few more opportunities in the pipeline that we are working hard on and we hope to deliver more good news in the near future,” he added.
Following the contract win, Mattan has in turn appointed China Machinery Engineering Corporation (CMEC) as the procurement arm to supply the material and equipment for the 50MWac solar farm project.
CMEC will undertake the necessary package arrangements for the procurement and international transportation of the material and equipment including mounting structures and solar panels.
KUALA LUMPUR: The ringgit finished higher against the US dollar today, as the greenback was stuck near a two-month low, pending the announcement of the US tax reform plan and the confirmation of the new Federal Reserve chair.
At 6pm, the local unit ended at 4.1010/1050 against the greenback from 4.1130/1160 on Monday.
A dealer said traders were cautious to place their demand on the US dollar, and moved to other currencies, including the ringgit.
“The nominee for the new chair, Jerome Powell, was perceived by investors as someone who likes to continue the previous policy, therefore they won't expect much.
“However, the concern on the delays in the implementation of the US tax cut are seen to continue to weigh on the greenback and due to this, we predict the ringgit would benefit from this,” the dealer said.
Meanwhile, against a basket of major currencies, the local note was traded higher.
It rose against the Singapore dollar to 3.0493/0527 from 3.0559/0593 on Monday and strengthened against the euro to 4.8761/8825 from 4.9064/9112 yesterday.
It increased against the British pound to 5.4556/4621 from 5.4900/4944 yesterday and appreciated vis-a-vis the yen to 3.6866/6906 from 3.6961/6998 on Monday. — Bernama