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Saturday, July 31, 2010

K-Euro banks on income from Talam projects

KUMPULAN Europlus Bhd (K-Euro) is banking on residential construction jobs from its associate Talam Corp Bhd for income while waiting for its two major projects - the Canal City and the West Coast Expressway (WEC) - to take off.

The debt-laden firm hopes that its 26.51 per cent unit Talam, would be able to complete its stalled housing projects this year to be able to start selling houses in 2011.

"This financial year we won't lose money," said the company's president and chief executive officer Tan Sri Chan Ah Chye.

He said Talam has another 3,000 units of the total 13,000 units of stalled houses to finish by the end of this year.

Talam which is undergoing a restructuring exercise plans to launch properties as much as RM1 billion by the second half of next year.

"If there are no activities we are going to run at a loss again. So we are going to have activities," Chan told pressmen after the company's annual general meeting in Kuala Lumpur yesterday.

Last year, K-Euro posted a net loss of RM33.1 million. In the first quarter ended April 30 2010, its net loss was RM3.4 million.

Both the RM10 billion Canal City project and the RM3.5 billion West Coast Expressway has been snagged with delays.

K-Euro is hoping to pen a supplementary agreement with the Selangor State Government soon to commence the Canal City project located near Kota Kemuning and Putra Heights in Selangor.

K-Euro is still in negotiations with the the federal government to extend the WEC concession agreement and for changes to be made to the terms and conditions to ensure the project is fundable.

By Business Times

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