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Friday, November 23, 2007

Gadang bullish on winning 3 deals

Gadang Holdings Bhd, a construction and property firm, is confident that it could clinch three major projects that could triple its order book to RM1.5 billion.

It is likely to find out its fate on these projects next month, said Gadang managing director and chief executive officer Datuk Kok Onn.

They are a RM500 million new administrative office for a government ministry, the RM300 million Cheras Rehabilitation Hospital and the RM200 million sewerage plant in Batu Berendam, Malacca.

"We are quite bullish on the prospects for these contracts," he told reporters after a shareholders' meeting in Bandar Sri Damansara yesterday.

Kok said the RM280 million contract awarded to Gadang to build the Kemuning-Shah Alam highway would also help lift earnings in the current financial year until 2009.

For the year to May 31 2007, Gadang's net profit jumped 22 per cent to RM14.5 million while revenue was up 21.8 per cent to RM226 million.

Gadang has so far bid for more than RM1.5 billion worth of government jobs and private sector contracts.

Meanwhile, it is expected to win a contract worth more than RM100 million to build a reservoir in China.

If awarded, it will be its first contract in China.

The company - which has RM200 million worth of ongoing housing and commercial projects, half of which are unbilled sales - is also bullish on prospects for the property sector.

By the first quarter of next year, Gadang plans to launch RM100 million worth of new property projects in Klang Valley, where it has 40 hectares left.

By New Straits Times (By Sharen Kaur)

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