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Friday, February 29, 2008

UEM Builders in the black

UEM Builders Bhd ended its 2007 financial year with a net profit of RM157.3 million from a net loss of RM21.9 million the year before, as its infrastructure maintenance and facilities management and toll concession divisions continued to contribute consistent and positive earnings for the group.

Revenue grew 36 per cent to RM2.4 billion last year, driven by the local construction sector, namely the electrified double track project from Rawang to Ipoh and PLUS' third lane widening project from Seremban to Ayer Keroh.

In a statement, UEM Builders said revenue for 2008 can be expected from the remaining phases of the third lane widening project from Rawang to Tanjong Malim as well the the Penang Bridge widening works.

"Looking ahead, the group anticipates positive contribution from the construction work of the Penang Second Crossing Bridge. The bridge will be the longest bridge in Southeast Asia on completion in 2011, spanning 24km of which 17km will be over water. This project will contribute significant economic benefits to the country and further strengthen the group's capabilities in infrastructure development," group managing director Datuk Ridza Abdoh Salleh said.

He also expects construction works in the Johor Iskandar Development Region and other projects from the Ninth Malaysia Plan to further enhance the earnings prospects of the group.

"Taking into consideration the global economic scenario and the markets we operate in, the group expects the results for 2008 to be better than 2007," he said.

By New Straits Times

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