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Thursday, June 26, 2008

Dolomite sees gain from highway, housing projects

DOLOMITE Corp Bhd, a construction and property development firm, expects to gain from the execution of projects such as Kemuning-Shah Alam Expressway and Kesas Highway Extension as well as housing projects now under construction.

Its chairman, Tan Sri Mohd Jamil Johari, said the continued uptrend in the construction sector, underpinned by ongoing implementations of the Ninth Malaysia Plan, has provided opportunities for the group’s building materials division in the Klang Valley.

The quarrying and trading division showed a satisfactory improvement during the financial year under review, he said. The group is operating two granite quarries located in Hulu Langat, Selangor, and Bentong, Pahang.

“While competition in local construction industry is intensifying, Dolomite has not relaxed in its effort to improve its order book. The group will leverage on the high volume of construction activities rolled out under the Ninth Malaysia Plan,” he told reporters after the company’s annual general meeting in Kuala Lumpur yesterday.

The group’s construction division will continue to bid for civil engineering and building works called by government agencies and the private sector, Mohd Jamil said.

On the group’s property development, Mohd Jamil said its proposed mixed development project in Kuala Kuantan, Pahang, measuring 3,085,893 sq metres, is due to begin in the third quarter of 2008. Its proposed residential development scheme near Templer’s Park, Selangor, is expected to start next year.

For the financial year ended December 31, 2007, the group posted a revenue of RM160.64 million, up 12.94 per cent from RM142.23 million recorded in the previous year.

It posted a pre-tax profit of RM0.37 million from a loss of RM6.86 million previously.

By Bernama

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