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Saturday, March 1, 2008

Muhibbah doubles Q4, full-year net profits

MUHIBBAH Engineering (M) Bhd has doubled its fourth quarter net profit as it made more money from its construction, crane-making and shipbuilding businesses.

The company expects business to be even better this year as high oil prices spur demand for ships while local construction work gather momentum under the government's five-year plan.

"The group continues to see growth in year 2008," Muhibbah said in a statement to Bursa Malaysia yesterday.

Muhibbah made a net profit of RM19.4 million in the quarter to December 31 2007. Revenue was a third higher at RM418.6 million.

For the full year, it also doubled net profit to RM70.2 million. Revenue was up 31 per cent to RM1.42 billion.

Its infrastructure construction, crane and shipyard divisions had better operating margins and higher revenues due to better contract pricing and operational efficiency.

Muhibbah had orders worth RM4.61 billion as at February 22. About 73 per cent is from the infrastructure construction division, with the rest from its crane and shipyard units.

"With the financial close and successful finalisation of financing facility for the South Klang Valley Expressway (SKVE) project by the client, Muhibbah as the main contractor for SKVE project has commenced the construction work," it said.

By New Straits Times

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