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Saturday, June 21, 2008

LCL sees Mideast as key market for long term

BANGI: LCL Corp Bhd will focus on the Middle East as its key market for the long term as the oil-rich region is expected to see continued growth in construction activities.

The company also planned to venture into North Africa, group managing director Low Chin Meng said after its AGM and EGM yesterday.

“We are positive that growth in the MENA (Middle East and North Africa) region would persist in the next three to five years, thanks to its booming construction and oil and gas (O&G) sectors,” he said.

Currently, LCL has a presence in India, Kazakhstan, Qatar, Dubai, Singapore and Brunei.

“We expect overseas market to contribute 80% to group revenue for the financial year ending Dec 31, (FY08),” said Low.

LCL is bidding for local and foreign interior fit-out (IFO) jobs worth RM5bil for hotels, complexes, serviced apartments and high-end condominiums.

“We are confident of securing some of the jobs based on our historical success rate of 15%,” said Low.

Shareholders at the EGM approved the company's proposed share split and rights issue.

For the first quarter ended March 31, LCL saw its net profit and revenue more than doubled to RM10.1mil and RM103.25mil respectively.

This is compared with RM4.13mil and RM50.15mil achieved in the previous corresponding period.

“We will continue to pay a 10% dividend per share this year as in the past four years,” said Low.

By The Star

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